GC Rieber Shipping — M&A Activity 2020

Sep 8, 2020

GC Rieber Shipping: Fleet Management Agreement between GC Rieber Shipping and OSM Maritime Group

GC Rieber Shipping: Fleet Management Agreement between GC Rieber Shipping and OSM Maritime Group

We are pleased to announce that GC Rieber Shipping and OSM Maritime Group (OSM)

today have entered into an agreement for fleet management services. The

agreement includes a transfer of business from GC Rieber Shipping to OSM of all

technical, crewing and support functions in Bergen. OSM will establish a new

ship management company within the offshore segment in Bergen, who will be owned

100% by OSM and be located together with OSM Bergen.

GC Rieber Shipping currently has 6 vessels under management in Bergen, including

vessels under third party management. OSM currently has 190 vessels under full

technical management and another 400 vessels under crewing management.

The partnership will benefit GC Rieber Shipping, OSM and parties under ship

management with GC Rieber Shipping, as the new company will bring together the

valuable technical and crewing organization from GC Rieber Shipping with OSM's

global reach and expertise. The partnership will ensure full and seamless

continuity of management for GC Rieber Shipping and clients both ashore and

onboard the vessels, with the same shore staff, officers and crew. The start

date for the partnership is 5[th] October 2020.

GC Rieber Shipping will become a pure shipowner and project-house with focus on

developing profitable and sustainable maritime projects. GC Rieber Shipping's in

-house project management department holds extensive expertise within naval

architecture engineering and newbuilding project management and has a

longstanding history of turning complex projects into high-end vessel assets.

Building on the Company`s strong heritage of managing complex customer

requirements and technologies, GC Rieber Shipping is uniquely positioned to

develop tailor-made and innovative solutions for customers world-wide.

"GC Rieber Shipping has a long-lasting history of delivering first class ship

management services to its customers. OSM is a highly reputable ship management

company and GC Rieber Shipping is proud of playing a key role in OSM building up

their offshore presence in Bergen and thereby strengthen the maritime cluster.

With the know-how from GC Rieber Shipping, OSM will be in the best position to

manage offshore vessels at the highest level of quality", Einar Ytredal, CEO,

commented. "GC Rieber Shipping is committed to create value for its customers

and shareholders through its proven project and shipowner experience. We look

forward to further strengthen this focus following the transfer of ship

operations to OSM."

Geir Sekkesæter, Managing Director, OSM Norway stated: "We are proud that GC

Rieber Shipping has chosen OSM as their service provider and look forward to

welcoming our new team members on board and onshore.  The team will join our

newly established office in Bergen and strengthen our presences in one of the

world`s strongest maritime clusters. Our initial ambition is that both employees

and our customers should experience business as usual. Over time, however, we

aim to provide even better services through close interaction between our

customers and our knowledgeable and experienced staff and crew, because as we

say in OSM, it's all about people".

Contact information:

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184

Christoffer Knudsen, CCO, GC Rieber Shipping, phone: +47 926 18 226

About GC Rieber Shipping:

GC Rieber Shipping is a shipowner and project-house with focus on developing

profitable and sustainable maritime projects.

Further information about the company 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.