GC Rieber Shipping - M&A Activity 2016

GC Rieber Shipping enters into charter with Technip Angola for the subsea vessel Polar Onyx

GC Rieber Shipping ASA has secured a time charter agreement with Technip Angola

for the SURF vessel Polar Onyx. The vessel will conduct SURF and construction

duties in Angola.

The charter commences prompt and lasts for up to two months. The Charter is in

direct continuation from the previous charter in UK sector confirming Polar Onyx

attractiveness as an independent SURF vessel in the market.

"This is an interesting contract for us where the operational capabilities of

the vessel and her equipment get fully utilized. Technip's strong presence in

West Africa makes the contract strategically important to us, and we look

forward to cooperating with them also in this region", says CEO Irene Waage

Basili.

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 §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#2026335]

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