GC Rieber Shipping — M&A Activity 2018

Nov 15, 2018

GC Rieber Shipping: Shearwater GeoServices completes acquisition of Schlumberger marine seismic acquisition business

GC Rieber Shipping: Shearwater GeoServices completes acquisition of Schlumberger marine seismic acquisition business

Stock Exchange Notice

Date: 15 November 2018

GC Rieber Shipping: Shearwater GeoServices completes acquisition of Schlumberger

marine seismic acquisition business

Shearwater GeoServices Holding AS today announced the completion of the

acquisition of the marine seismic acquisition assets and operations of

WesternGeco, the geophysical services product line of Schlumberger. The

transaction was completed following receipt of relevant regulatory approvals and

satisfaction of customary closing conditions.

The acquisition and related transactions were executed in accordance with the

22 August 2018 announcement. Following the completion, Shearwater has three

strong and competent owners with RASMUSSENGRUPPEN AS holding 65%, GC Rieber

Shipping ASA 20% and Schlumberger 15%.

The transaction makes Shearwater a global, customer-focused and technology-

driven provider of marine geophysical services, which owns and operates a fleet

of 14 fully equipped seismic vessels offering a full range of acquisition

services including 3D, 4D and ocean bottom seismic. The company also holds a

portfolio of proprietary streamer technology and processing software enabling

effective execution of geophysical surveys and delivery of high-quality data.

Shearwater has close to 600 employees and operates in all major offshore basins

around the world.

"Shearwater has become a leading global marine seismic services provider with a

strong financial platform able to deliver exceptional customer solutions", says

Einar Ytredal, the CEO of GC Rieber Shipping. "We are pleased to have been

instrumental in developing yet another market leading company at the same time

as we create value for our shareholders."

The total cash funding requirement for the transaction was USD 650 million,

which was funded by USD 325 million in new cash equity from existing owners and

USD 325 million of debt financing. GC Rieber Shipping subscribed for USD 28.5

million of new equity in Shearwater in connection with the acquisition and has

entered into a short-term shareholder loan at market terms with GC Rieber AS, GC

Rieber Shipping`s largest shareholder, to facilitate settlement. The shareholder

loan will be refinanced by the fully underwritten rights issue announced 6

November 2018.

The USD 7.5 million cash deposit provided by GC Rieber Shipping when

establishing Shearwater in 2016 has been released following the transaction and

will no longer be classified as restricted cash.

A separate press release from Shearwater is enclosed.

For further information, please contact:

Einar Ytredal, CEO, phone: +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 11 and has direct and indirect ownership

in 23 advanced special purpose vessels for defined markets within the subsea,

ice/support and marine seismic segments.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 to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.