GC Rieber Shipping - M&A Activity 2016

GC Rieber Shipping enters into 7 months charter for CSV Polar Queen

GC Rieber Shipping ASA has entered into a time charter agreement with Senvion

GmbH for the Construction Support Vessel (CSV) Polar Queen for a fixed period of

7 months with options to extend by up to 3 months. The charter will commence in

spring 2017.

Senvion GmbH is among the leading providers of offshore wind turbines in Europe.

The Polar Queen will support turbine commission by Senvion at the Nordsee One

wind farm in the German North Sea. The vessel will provide transfer of personnel

and cargoes and will be fitted with a motion compensated gangway and boat

landings to serve crew transfer vessels. More than 100 charterers' personnel may

be accommodated aboard the vessel, and efficient arrangements for onboard

warehousing will be facilitated.

"GC Rieber Shipping has considerable experience from offshore wind services. We

are pleased to see that our experience and organizational capabilities are

recognized by Senvion in a highly competitive market", says CEO Irene Waage

Basili.

The time charter is concluded in understanding with current charterer Boa Marine

Services Inc.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 900 98 688

CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 975 20 184

About GC Rieber Shipping:

GC Rieber Shipping's business within offshore/shipping includes ownership in

specialized vessels, high quality marine ship management and project development

within the segments subsea, ice/support and marine seismic. The group has a

specialized competence in offshore operations in harsh environments as well as

design, development and maritime operation of offshore vessels.

GC Rieber Shipping currently operates 13 advanced special purpose vessels for

defined markets within the subsea, ice/support and marine seismic segments, of

which the company owns 11.

The company has its headquarter and a ship management office in Bergen, and an

additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is

listed on Oslo Børs with ticker RISH.

Further information is available on the company's website www.gcrieber-

shipping.com.

This information is subject of the disclosure requirements acc. to §5-2 vphl,

cf. § 5-12 (Norwegian Securities Trading Act).

[HUG#2027860]

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