GC Rieber Shipping — Proxy Solicitation & Information Statement 2010

Mar 22, 2010

GC RIEBER SHIPPING - NOTICE OF ANNUAL GENERAL

The Annual General Meeting in GC Rieber Shipping ASA

("The Company") will be held on Tuesday 13 April 2010

at 2:00 pm at Solheimsgaten 15, Bergen (Beddingen)

1st floor.

Agenda:

1 Opening of the Annual General Meeting by the

chairman of the board and registration of attending

shareholders

2 Election of a chairman of the meeting and

one person, who shall sign the minutes of the Annual

General Meeting together with the chairman

3 Approval of the notice and

agenda

4 Approval of the annual financial statement

for 2009

5 Approval of the Report of the

Board of Directors for 2009

6 The board's statement on salaries and other

remuneration for key employees and the Annual General

Meetings' advisory vote on the matter

7 Approval of the remuneration for board members

8 Approval of the auditor's fee

9 Deciding on the allocation of profits and on

the payment of dividends

10 Adjustment of the Company's Articles of

Association

11 Proposed authorisation to buy back shares

12 Proposed authorisation for share capital

increase

13 Election of board members

The complete Notice (in Norwegian), together with the

Company's Annual Report for 2009 (in Norwegian), is

attached to this stock exchange notice and has also

been submitted to the shareholders. The Notice and

the Annual Report for 2009 are also available on the

Company's website: www.gcrieber-shipping.no.

Shareholders wishing to attend the Annual General

Meeting, in person or by proxy, are asked to complete

the reply slip attached to the Notice. The reply slip

must have been received by the Company either by mail

or by fax to +47 55 60 68 05 no later than 12 April

For further information, please:

CFO Hans Petter Klohs, phone +47 55 60 68 24, or +47

90 75 05 26

About GC Rieber Shipping:

GC Rieber Shipping's business within

offshore/shipping includes ownership in specialized

vessels, high quality marine ship management, project

development and industrial portfolio management

within the segments subsea, ice research and support,

as well as marine seismic. The group has a unique

competence on offshore operations in harsh

environments and design, development and maritime

operation of seismic vessels. Through strategic value

chain investments the group has substantial knowledge

and experience within subsea and marine seismic.

GC Rieber Shipping owns and operates seven advanced

multifunctional special purpose vessels for defined

markets within subsea, ice research and support and

marine seismic. Furthermore, GC Rieber Shipping has

acquired the contract for two subsea IMR new

buildings for delivery in 2010/2011. Through a joint

venture of which GC Rieber Shipping owns 51%, the

group has in addition two new offshore vessels for

delivery in 2010. The group's strategic value chain

investments include the subsea services company Reef

Subsea (50% shareholding) and the seismic company

Octio Group (60% shareholding). GC Rieber Shipping is

also in charge of marine ship management for seven

seismic vessels owned by PGS, CGGVeritas and Fugro,

as well as project management and building

supervision for two advanced seismic new buildings

for PGS.

The company is headquartered in Bergen with ship

management companies in Sevenoaks (England),

Singapore and Yuzhno-Sakhalinsk (Russia), which

provides global presence. The company is listed on

Oslo Børs with ticker RISH. Further information is

available on the company's website: www.gcrieber-

shipping.no.

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)