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2020-01-08

GC Rieber Shipping: GC Rieber Shipping: Shearwater GeoServices completes strategic vessel transaction and long-term marine ...

Stock Exchange Notice
Date: 8 January 2020

GC Rieber Shipping: Shearwater GeoServices completes strategic vessel
transaction and long-term marine acquisition service agreement with
CGG

Reference is made to the stock exchange notice on 4 June 2019, where
it was announced that Shearwater GeoServices Holding AS (Shearwater)
had signed a binding term sheet with CGG S.A. (CGG).

Today, Shearwater completed the strategic vessel transaction with CGG,
including the takeover of five high-end seismic vessels. Furthermore,
the five-year capacity agreement for marine seismic acquisition
services between Shearwater and CGG became effective.

The transaction includes the five streamer vessels, and two legacy
vessels, previously owned by CGG Marine Resources Norge AS and
Eidesvik Offshore ASA, five complete streamer sets previously owned
by CGG and a long-term capacity agreement granting Shearwater a
guaranteed cash flow and activity level for a period of five years.

The capacity agreement includes a minimum commitment of two
vessel-years annually over the agreed five-year period. This yields
an attractive cash flow and activity level for Shearwater and ensures
CGG access to strategic capacity for its future multiclient projects
through Shearwater's global fleet of high-end 3D vessels.

Following the transaction, GC Rieber Shipping owns approximately 19%
of the shares in Shearwater.

"Completing the transaction further increases Shearwater's scale and
capabilities in line with the company's strategy" Einar Ytredal, CEO
of GC Rieber Shipping, commented. "The capacity agreement represents
significant long-term backlog for Shearwater and strengthens the
company's financial and operational visibility."

This transaction is a pure asset transfer and Shearwater has at
closing assumed the net liabilities associated with the vessels taken
over. Following the transaction, Shearwater has a fleet of 23
vessels, including three OBS MPVs and two dedicated source vessels.

Preparations for the joint creation of a new streamer technology
company continues with expected completion in the first half of 2020.
The completion of this transaction is subject to approvals by the
competent authorities and other customary conditions.

For further information, please contact:

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47 479 02 919

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 and has
direct and indirect ownership in 29 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 50% 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.

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