Date: 13 June 2005

RISH - CHARTER AGREEMENT


Rieber Shipping has entered into a charter agreement with offshore engineering and construction company Stolt Offshore S.A. for the vessel `Polar Queen`.  The charter commences mid 2006 with 6 years duration, plus a 3 year option. The charter agreement is concluded at satisfactory terms and strengthens Rieber Shipping`s position within offshore subsea.
 
For further information, please contact CEO Sven Rong, phone + 47 55 60 68 00.

RISH - CHARTER AGREEMENT