GC Rieber Shipping - M&A Activity 2021

GC Rieber Shipping: Sale of shares in Shearwater Geoservices Holding AS

GC Rieber Shipping has today agreed to sell shares in Shearwater

Geoservices Holding AS (Shearwater) reducing its ownership from 17.0% to 8.5%.

Gross proceeds from the sale will be USD 50.5 million. The sold shares had book

value of USD 41.6 million per 31 March 2021. Following the transaction, which is

expected to be completed shortly, GC Rieber Shipping will not hold rights in the

shareholder agreement and the remaining shares will be booked as financial

assets at fair value.

"The sale increases GC Rieber Shipping's investment capacity and positions the

company to build a diversified portfolio of investments based on our experience

and competence of developing maritime projects", Einar Ytredal, CEO of GC Rieber

Shipping, said and added; "Shearwater was established in 2016 and has since

grown into a world leader within marine seismic acquisition and is well

positioned to benefit from an increase in activity within the segment. Through

its remaining ownership, GC Rieber Shipping will continue to take part in the

further value creation of Shearwater."

Contact information:

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 is a shipowner and project-house with focus on developing

profitable and sustainable maritime projects.

Further information about the company, please go to 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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