Date: 12 November 2007

RISH - GC RIEBER SHIPPING DIVESTS SHAREHOLDING IN ARROW SEISMIC ASA


GC Rieber Shipping has accepted an offer from PGS on its 42,5 % shareholding in Arrow Seismic ASA (`Arrow`). The offer of NOK 96 per share values thecompany`s shareholding in Arrow at NOK 960 million, which implies an accounting gain of approximately NOK 578 million.
 
GC Rieber Shipping has accepted an offer from PGS on its 42,5 % shareholding in Arrow Seismic ASA (`Arrow`). The offer of NOK 96 per share values the company`s shareholding in Arrow at NOK 960 million, which implies an accounting gain of approximately NOK 578 million. GC Rieber Shipping considers the transaction as structurally favourable for the company and it also provides the company with a strong financial capacity for new investments.
 
GC Rieber Shipping`s shareholding in Arrow Seismic (`Arrow`) was during  second quarter 2007 reduced from 54.0% to 42.5% in connection with the initial public offering and subsequent listing of Arrow on Oslo Axess 30 May 2007. The company currently owns 10 million shares in Arrow with a book value of NOK 382 million. The offer from PGS at NOK 96 per share implies a valuation of the company`s shareholding in Arrow of NOK 960 million, which gives an accounting gain of approximately NOK 578 million. It is the company`s opinion that the offer reflects both the values that have been created and the expectations the company has for future value creation in Arrow.
 
GC Rieber Shipping will continue to carry out the agreed services for the Arrow fleet, including project management, building supervision and marine management. The fleet consists of two vessels in operation, as well as four high capacity vessels and three 2D/source vessels for delivery and conversion in the period 2007-2009.
 
- We have reached the conclusion that this was an offer reflecting both the values created and the expectations we have for future value creation in Arrow. The divestment will provide financial and structural benefits for GC Rieber Shipping, says CEO Sven Rong. - PGS will further develop the values created in Arrow , and we are also satisfied to once again have PGS as a customer for our ship management services. We can now focus on enhancing our other activities within the oil service market. Both our business within offshore subsea and business opportunities related to extraction of petroleum in the arctic environment are developing strongly, and the sale of the shareholding in Arrow provides the company with a strong financial capacity for additional efforts in these areas or in other related activities, he concludes.
 
For further information, please contact:
 
CEO Sven Rong, Phone : +47 55 60 68 18, or +47 90 55 49 52
CFO Hans Petter Klohs, Phone : +47 55 60 68 24, or +47 90 75 05 26