GC Rieber Shipping - Establishment of Shearwater G

Reference is made to the announcement on 13 October 2016, in which GC Rieber Shipping signed an agreement with RASMUSSENGRUPPEN to establish the jointly owned marine geophysical company Shearwater GeoServices AS.

The final conditions for completion have now been fulfilled and the transaction is successfully completed.

Shearwater GeoServices is an integrated provider of marine geophysical services to oil and gas and multi-client companies worldwide. Starting out with a fleet of four modern, high capacity seismic vessels, Shearwater's core strategy is to provide high quality marine geophysical services and utilize the company's position as the most cost-efficient company in the industry.

For further information: Einar Ytredal, CEO (act.), GC Rieber Shipping, phone: +47 55 60 68 54, or +47 975 20 184

Irene Waage Basili, CEO (act.), Shearwater GeoServices, phone: +47 90 09 86 88

About GC Rieber Shipping:

GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic. The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.

GC Rieber Shipping currently owns and operates 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.

The company has its headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.

Further information is available on the company's website www.gcrieber-shipping.com .

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)