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GC Rieber Shipping: GC Rieber Shipping - Early redelivery and revised terms for Dolphin Geophysical

GC Rieber Shipping ASA has today entered into an agreement with Dolphin
Geophysical as part of an overall restructuring agreement to improve
Dolphin's competitiveness in a challenging market.

GC Rieber Shipping will take early redelivery of the vessel Polar Duke,
representing approx. USD 16 million in reduced hire payments for GC Rieber
Shipping. This, together with Dolphins improved terms of bank loans and
reduced charter rates on Dolphins vessels from Sanco, will significantly
improve Dolphin's costbase.

In addition, GC Rieber Shipping will grant Dolphin a rolling credit facility
of USD 5 million, consisting of payments due to GC Rieber Shipping. The
credit facility is effective for 9 months.

As part of the same agreement, the firm periods of the Polar Duchess and the
Polar Marquis charters have been extended by 18 months.

«We are satisfied we've been able to reach an agreement together with other
major stakeholders that supports Dolphin Geophysical in improving their
competitiveness in the challenging market ahead»,
says CEO Irene Waage Basili.

For further information, please contact:

CEO Irene Waage Basili, tel: (+ 47) 55 60 68 67 / (+ 47) 900 98 688

CFO Einar Ytredal, tel: (+47) 55 60 68 54 / (+47) 975 20 184

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 13 advanced special purpose vessels for
defined markets within the subsea, ice/support and marine seismic segments,
of which the company owns 11.

The company has it's 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

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


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: GC Rieber Shipping via Globenewswire


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