GC Rieber Shipping - M&A Activity 2018

GC Rieber Shipping: 4-month charter for Polar Queen

Stock Exchange Notice

Date: 05 November 2018

GC Rieber Shipping: 4-month charter for Polar Queen

GC Rieber Shipping has entered into a time charter agreement with a European

offshore client for the CSV vessel Polar Queen for a fixed period of four months

with options to extend by up to one month. The project is the same as Polar

Queen was engaged on during the summer of 2018. The vessel will be used in

British sector to perform accommodation services and walk-to-work duties, and

commencement will be in May 2019.

The charter further strengthens GC Rieber Shipping's backlog, securing full

contract coverage for the summer of 2019. Both Polar King and Polar Onyx are on

long term charters, and with the recent charter announcements for Polar Queen,

the vessel will be employed almost continuously from now until September 2019.

"Polar Queen continues her success in the walk-to-work market, and we are

pleased to see that the vessel, crew and our organizational capabilities are

recognized in the market", says Einar Ytredal, CEO (act.) in GC Rieber Shipping.

For further information, please contact:

Einar Ytredal, CEO (act.), phone: +47 975 20 184

Christoffer Knudsen, Director of Chartering & Projects, phone: +47 926 18 226

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 and has direct and indirect ownership in

11 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.

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