GC Rieber Shipping — M&A Activity 2018

Jan 18, 2018

GC Rieber Shipping - Shearwater GeoServices awarded large seismic survey for Total and Eni

GC Rieber Shipping - Shearwater GeoServices awarded large seismic survey for Total and Eni

Stock Exchange Notice

Date: 18. January 2018

GC Rieber Shipping: Shearwater GeoServices awarded large seismic survey for

Total and Eni

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices

("Shearwater") has been awarded a 10,000 square kilometer marine seismic

acquisition services contract by Total and Eni for their 2018 exploration

program, located approximately 300 kilometers offshore Myanmar. Shearwater will

deploy the vessel "Polar Empress" for the survey which is expected to take about

six months, commencing in January 2018.

Irene Waage Basili, CEO of Shearwater commented, "We are pleased to be awarded

this significant contract with two oil majors known for their high HSE & quality

standards and requirements for leading operational performance. Shearwater has

undertaken a significant effort since its inception to pre-qualify for work with

major oil companies. We see this recent award as a validation of that strategy,

and appreciate the positive engagement of our clients to achieve this".

Total and Eni are the operators of the two blocks to be surveyed, YWB and MD-

04, off the coast of Myanmar.

The "Polar Empress" vessel was built in 2015, has a capacity of up to 22

streamers, and is one of the most powerful and efficient seismic vessels in the

world.

This contract is the second significant recent award to Shearwater, following

the November award by a NOC for a 5-6 months contract for which it started

mobilizing the vessels "Polar Duchess" and "Polar Marquis" in December.

"The seismic market remains challenging, but on the back of a solid operational

performance in 2017 in combination with recently awarded contracts, Shearwater

is well positioned through the winter season and for 2018 as a whole", says

Irene Waage Basili.

Shearwater GeoServices is a marine geophysical services company jointly owned by

GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS.  The company has a fleet of four

modern seismic vessels, a broad offering of high quality geophysical services

including advanced software, processing and acquisition techniques, and two

owners with complementary skills and collectively a long experience in the

industry.

For further information:

Christian W. Berg, CEO, GC Rieber Shipping, phone: +47 97 40 55 53

Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 90 09 86 88

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.