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2016-03-31

GC Rieber Shipping: GC Rieber Shipping enters into 8.5 months charter for subsea vessel Polar King

GC Rieber Shipping ASA, through its subsidiary Polar Explorer AS, has entered
into a time charter agreement with Nexans Skagerrak AS, a subsidiary of
Nexans Norway AS, for the CSV Polar King for a fixed period of about 8.5
months. The charter will commence in January 2017 and contains options for up
to 16 months additional work. The vessel will conduct survey, trenching and
cable laying activities in Norway, the North Sea and the Mediterranean.

Nexans Norway AS, and its wholly owned subsidiary Nexans Skagerrak AS, is part
of the Nexans group. Nexans Norway AS is a leading supplier of power,
telecommunications, installations and heating cables in Norway, and is among
the world's leading manufacturers of offshore control cables and high-voltage
submarine cables.

"This is an interesting contract for us with a new customer in a non-oil
related segment characterized by high activity and a strong project pipeline.
Nexans is a solid international player with a strong presence in Norway, and
we look forward to cooperating with them", says CEO Irene Waage Basili.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 900 98 688

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 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)

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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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