Date: 28 July 2008

GC RIEBER SHIPPING ESTABLISHES NEW COMPANY WITH FOCUS ON PERMANENT MONITORING OF OIL AND GAS FIELDS


GC Rieber Shipping ASA has entered into an agreement with StatoilHydro Venture AS and Reservoir Innovation AS to establish the holding company Hexio AS ("Hexio"), which has a business idea of offering technology and services related to permanent monitoring (4C/4D) of oil and gas fields in operation through the subsidiary Octio Geophysical AS ("Octio"). GC Rieber Shipping will also transfer the 2D/source vessel "Geo Explorer" to the new company.

GC Rieber Shipping will invest NOK 120 million in equity and will have a 60% shareholding in Hexio, while StatoilHydro Venture and Reservoir Innovation each will own 20%. Hexio will own 74% of Octio, while the remaining 26% will be held by ION Geophysical Corporation.

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 six advanced multifunctional special purpose vessels for defined markets within offshore subsea, ice research/support and marine seismic. 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 11 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), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global coverage. The company is listed on Oslo BÝrs with ticker RISH. Further information available on the company's website: www.gcrieber-shipping.no