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2015-05-26

GC Rieber Shipping: GC Rieber Shipping takes delivery of its new high-capacity seismic vessel

Today, GC Rieber Shipping has taken delivery of its seismic new-build «Polar
Empress» from Kleven owned Myklebust Verft. The vessel is chartered on a
five-year contract to Dolphin Geophysical.

«We have looked forward to take delivery of the «Polar Empress», which is one
of the largest and most advanced seismic vessels in the world. The
construction of the vessel makes it particularly suitable for operations in
the arctic, an area of strategic priority and expertise for GC Rieber
Shipping. With the «Polar Empress» we are strengthening our position within
the high-end seismic segment»,
says CEO Irene Waage Basili.

«Polar Empress» is a high-capacity 3D seismic vessel with ice-class 1A*. The
vessel is 113 meter long and 21.5 meter broad, and can accommodate 70 crew.
With high pollard pull the vessel can efficiently tow up to 22 streamers. The
vessel's propulsion system meets high redundancy requirements, and with CLEAN
DESIGN certification the vessel exceeds the latest international
environmental standards.

In addition to «Polar Empress», GC Rieber Shipping's fleet of seismic vessels
consist of «Polar Duke», «Polar Duchess» and «Polar Marquis», which are all
chartered on contracts to Dolphin Geophysical.

The contract between GC Rieber Shipping and Kleven was signed in February
2013.

GC Rieber Shipping's cost for the new vessel is about NOK 700 million. 70
percent of the purchase price is financed through a long-term loan drawn in
DNB, Export Credit Norway and GIEK.

For further information, please contact:

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

CFO Einar Ytredal, tel: +47 55 60 68 54 or +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 14 advanced special purpose vessels for
defined markets within subsea, ice/support and marine seismic segments, of
which the company owns 12.

The company has it's headquarter and a ship management company 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.no.

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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