GC Rieber Shipping - M&A Activity 2023

GC Rieber Shipping: Acquires full ownership of icebreaking tug Polar Circle

GC Rieber Shipping has entered into an agreement with its Joint Venture partner,

to buy its 50% share of the icebreaking tug Polar Circle. Following the purchase

GC Rieber Shipping will fully own the vessel.

"Polar Circle, designed by GC Rieber Shipping and built in 2006, is a testament

to the strong maritime project development potential and excellent design

capabilities within our organization. The vessel is unique and holds strong

development potential. It has solid capabilities in environments that likely

will carry high importance in the years to come", Einar Ytredal, CEO of GC

Rieber Shipping commented.

The opportune purchase was priced significantly below book value and GC Rieber

Shipping expects an impairment of approx. NOK 27 million in the fourth quarter

of 2022.

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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