GC Rieber Shipping — M&A Activity 2020

Jan 8, 2020

GC Rieber Shipping: Shearwater GeoServices completes strategic vessel transaction and long-term marine acquisition service agreement with CGG

GC Rieber Shipping: Shearwater GeoServices completes strategic vessel transaction and long-term marine acquisition service agreement with CGG

Stock Exchange Notice

Date: 8 January 2020

GC Rieber Shipping: Shearwater GeoServices completes strategic vessel

transaction and long-term marine acquisition service agreement with CGG

Reference is made to the stock exchange notice on 4 June 2019, where it was

announced that Shearwater GeoServices Holding AS (Shearwater) had signed a

binding term sheet with CGG S.A. (CGG).

Today, Shearwater completed the strategic vessel transaction with CGG, including

the takeover of five high-end seismic vessels. Furthermore, the five-year

capacity agreement for marine seismic acquisition services between Shearwater

and CGG became effective.

The transaction includes the five streamer vessels, and two legacy vessels,

previously owned by CGG Marine Resources Norge AS and Eidesvik Offshore ASA,

five complete streamer sets previously owned by CGG and a long-term capacity

agreement granting Shearwater a guaranteed cash flow and activity level for a

period of five years.

The capacity agreement includes a minimum commitment of two vessel-years

annually over the agreed five-year period. This yields an attractive cash flow

and activity level for Shearwater and ensures CGG access to strategic capacity

for its future multiclient projects through Shearwater's global fleet of high

-end 3D vessels.

Following the transaction, GC Rieber Shipping owns approximately 19% of the

shares in Shearwater.

"Completing the transaction further increases Shearwater's scale and

capabilities in line with the company's strategy" Einar Ytredal, CEO of GC

Rieber Shipping, commented. "The capacity agreement represents significant long

-term backlog for Shearwater and strengthens the company's financial and

operational visibility."

This transaction is a pure asset transfer and Shearwater has at closing assumed

the net liabilities associated with the vessels taken over. Following the

transaction, Shearwater has a fleet of 23 vessels, including three OBS MPVs and

two dedicated source vessels.

Preparations for the joint creation of a new streamer technology company

continues with expected completion in the first half of 2020. The completion of

this transaction is subject to approvals by the competent authorities and other

customary conditions.

For further information, please contact:

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

Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47 479 02 919

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 and has direct and indirect

ownership in 29 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 50% 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.