Date: 26 May 2008

GC RIEBER SHIPPING ACQUIRES 2D (SOURCE) VESSEL


GC Rieber Shipping has entered into agreements with the current vessel owner and Fugro Geoteam to acquire a 2D (source) vessel built in 1988. The vessel is expected to be acquired early July 2008 and will subsequently be chartered to Fugro Geoteam until 1 March 2009, whereafter various forms of employment are being evaluated. The commercial conditions in the agreements are agreed by the parties not to be disclosed.
 
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
 
About GC Rieber Shipping:
GC Rieber Shipping's business within offshore/shipping encompass high quality marine ship management of specialized vessels, project development and industrial portfolio management. The company has a unique competence on operations offshore in harsh environments, as well as design, development and maritime operation of seismic vessels. The company has also built substantial competence on subsea operations, both through the 52% stake in subsea contractor Technocean and through long term cooperation with other key players in the market.
 
GC Rieber Shipping owns and operates five advanced multifunctional special purpose vessels for defined markets within offshore subsea and ice research and support. Further, the company has four offshore new buildings on order for delivery in 2009/10 The company is also in charge of ship management for 12 seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for four advanced seismic new buildings for Arrow Seismic (PGS).  The company's headquarters is located in Bergen with ship management offices in Sevenoaks (England) and Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo BÝrs with ticker RISH. Further information available on the company's website: www.gcrieber-shipping.no

GC Rieber Shipping Acquires 2D_Soursce Vessel