GC Rieber Shipping: Shearwater GeoServices awarded

Stock Exchange Notice
Date: 14 May 2018

GC Rieber Shipping: Shearwater GeoServices awarded two 4D surveys, bringing recent awards to 15 vessel months

Shearwater GeoServices (Shearwater) has been awarded two 4D surveys for the North Sea market. The 4D surveys will commence in the second quarter of 2018 and will be conducted back-to-back over a period of approximately two months. Shearwater has during the first months of 2018 succeeded in strengthening its market position and in total been awarded more than additional 15 vessel months.

Shearwater's fleet has a solid track record from conducting 4D seismic surveys. Through the two awards Shearwater reaffirm its position in the market for time-lapse seismic which is expecting to offer attractive opportunities ahead.

"Over the last month, Shearwater has announced confirmed backlog of more than 15 vessel months to be performed over the next two quarters.  We see this as a signal of a slowly improving market and a reaffirmation of Shearwater's leading position and solid marine acquisition offering based on our high end fleet and our experienced organisation" says Irene Waage Basili, CEO of Shearwater.

Shearwater GeoServices is a marine geophysical services company jointly owned by GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS.  The company has a fleet of four modern seismic vessels, a broad offering of high quality geophysical services including advanced software, processing and acquisition techniques, and two owners with complementary skills and collectively a long experience in the industry.

For further information:

Christian W. Berg, CEO, GC Rieber Shipping, phone: +47 97 40 55 53

Irene Waage Basili, CEO, 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 operates and has direct and indirect ownership in 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 to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.