Reach Subsea — Share Issue/Capital Change 2010

Aug 16, 2010

Final terms of the underwritten tight issue

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR

FOR DISSEMINATION IN THE UNITED STATES, AUSTRALIA,

CANADA OR JAPAN

FINAL TERMS OF THE UNDERWRITTEN RIGHTS ISSUE

Reference is made to the rights issue resolved at the

general meeting held on 4 August 2010. The following

is a summary of the main terms of the rights issue:

The share capital of the company will be increased by

minimum NOK 160,000,000 and maximum NOK 200,000,000

through an issue of minimum 3,200,000,000 new shares

and maximum 4,000,000,000 new shares.

The minimum subscription amount is underwritten by an

underwriting syndicate consisting of some of the

Company's existing shareholders and new investors.

The subscription price will be NOK 0.05 per new share.

Shareholders of the Company as of 4 August 2010, as

registered in the Company's shareholder register in

the Norwegian Central Securities Depository (VPS) as

of 9 August 2010 ("Existing Shareholders"), will

receive subscription rights.

Existing Shareholders will receive 12.72 transferable

subscription rights for every share held in the

Company as of 4 August 2010. One subscription right

will entitle the holder to subscribe and be allocated

one new share. Over-subscription by holders of

subscription rights, as well as subscription for

shares without subscription rights, will be permitted.

The subscription period will commence on 17 August

2010 and end on 31 August 2010 at 17:30 (Oslo time).

Trading in subscription rights will be in the same

period. The subscription rights will be listed on the

Oslo Stock Exchange with the ticker "GRR T".

Subscription rights that are not sold or used to

subscribe for new shares before the expiry of the

subscription period (i.e. 17:30 (Oslo time) on 31

August 2010) will have no value and will lapse

without compensation to the holder.

Allocation of new shares and distribution of

allocation letters is expected to take place on or

about 6 September 2010.

Payment for the new shares is expected to take place

on 8 September 2010. Subject to timely payment of the

total gross proceeds of the rights issue,

registration of the share capital increase pertaining

to the rights issue is expected to take place on or

about 15 September 2010, and delivery and listing of

the new shares is expected to take place on or about

the same day.

Further details of the terms of the rights issue will

be included in the prospectus expected to be

published on 17 August 2010. All information related

to the rights issue will also be made available on

www.greenreefers.no.

Bergen, 16 August 2010

For further information, please contact:

Toril Eidesvik (CEO), +47 55 36 25 00

*********

This announcement is not an offer for sale of

securities in the United States or any other country.

The securities referred to herein have not been

registered under the U.S. Securities Act of 1933, as

amended (the "U.S. Securities Act"), and may not be

sold in the United States absent registration or

pursuant to an exemption from registration under the

U.S. Securities Act. Green Reefers does not intend to

register any portion of the offering of the

securities in the United States or to conduct a

public offering of the securities in the United

States. Any offering of securities will be made by

means of a prospectus that may be obtained from Green

Reefers and that will contain detailed information

about the company and management, as well as

financial statements. Copies of this announcement are

not being made and may not be distributed or sent

into the United States, Canada, Australia, Japan or

any other jurisdiction in which such distribution

would be unlawful or would require registration or

other measures.

In any EEA Member State that has implemented

Directive 2003/71/EC (together with any applicable

implementing measures in any member State,

the "Prospectus Directive"), this communication is

only addressed to and is only directed at qualified

investors in that Member State within the meaning of

the Prospectus Directive.

This announcement is only directed at (a) persons who

are outside the United Kingdom; or (b) investment

professionals within the meaning of Article 19 of the

Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005 (the "Order"); or (c) persons

falling within Article 49(2)(a) to (d) of the Order;

or (d) persons to whom any invitation or inducement

to engage in investment activity can be communicated

in circumstances where Section 21(1) of the Financial

Services and Markets Act 2000 does not apply.

Certain statements included within this announcement

contain forward-looking information, including,

without limitation, those relating to (a) forecasts,

projections and estimates, (b) statements of

management's plans, objectives and strategies for

Green Reefers, such as planned expansions,

investments or other projects, (c) targeted

production volumes and costs, capacities or rates,

start-up costs, cost reductions and profit

objectives, (d) various expectations about future

developments in Green Reefers' markets, particularly

prices, supply and demand and competition, (e)

results of operations, (f) margins, (g) growth rates,

(h) risk management, as well as (i) statements

preceded

by "expected", "scheduled", "targeted", "planned", "pr

oposed", "intended" or similar statements. Although

we believe that the expectations reflected in such

forward-looking statements are reasonable, these

forward-looking statements are based on a number of

assumptions and forecasts that, by their nature,

involve risk and uncertainty. Various factors could

cause our actual results to differ materially from

those projected in a forward-looking statement or

affect the extent to which a particular projection is

realized. Factors that could cause these differences

include, but are not limited to: our continued

ability to reposition and restructure our upstream

and downstream aluminium business; changes in

availability and cost of energy and raw materials;

global supply and demand for aluminium and aluminium

products; world economic growth, including rates of

inflation and industrial production; changes in the

relative value of currencies and the value of

commodity contracts; trends in Green Reefers' key

markets and competition; and legislative, regulatory

and political factors.

No assurance can be given that such expectations will

prove to have been correct. Green Reefers disclaims

any obligation to update or revise any forward-

looking statements, whether as a result of new

information, future events or otherwise.