GC Rieber Shipping - M&A Activity 2021

GC Rieber Shipping: Shearwater GeoServices acquires streamers and renews fleet

GC Rieber Shipping ASA's 17% owned geoservices company Shearwater GeoServices

Holding AS (Shearwater) today announced two transactions to take over marine

seismic acquisition assets previously owned by Polarcus, from Tiger Moth AS, a

company affiliated with Woodstreet Inc.

Shearwater has acquired streamers and related seismic equipment for a total cash

consideration of USD 50 million. The company further purchased six seismic

acquisition vessels for a total consideration of USD 127.5 million.

The transactions are financed through a new vessel loan facility provided by DNB

and GIEK of USD 107.5 million and a convertible loan from Rasmussengruppen AS in

the amount of USD 85 million. USD 15 million of the convertible loan is

available for general corporate purposes.

The press release from Shearwater is attached.

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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