Date: 11 December 2008

GC RIEBER SHIPPING - FINANCING FOR "GEO EXPLORER"


GC Rieber Shipping's subsidiary Hexio has financed the acquisition of the seismic research vessel "Geo Explorer" through a USD 16.7 million long term loan facility with DnB NOR Bank as lender.
 
"Geo Explorer" is a 2D/source vessel, currently on time charter to Fugro Geoteam until March 2009. The vessel, which was acquired in July 2008, has now been financed through a USD 16.7 million long term mortgage loan with DnB NOR Bank as lender.
 
 
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 includes ownership in specialized vessels, high quality marine ship management, project development and industrial portfolio management within the segments offshore subsea, ice research and support, as well as marine seismic. The group has a unique competence on offshore operations in harsh environments and design, development and maritime operation of seismic vessels. Through strategic value chain investments the group has substantial knowledge and experience within offshore subsea and marine seismic.
 
GC Rieber Shipping owns and operates six advanced multifunctional special purpose vessels for defined markets within offshore subsea, ice research and support and marine seismic. Furthermore, GC Rieber Shipping has ordered four offshore newbuildings for delivery in 2009/2010. The group's strategic value chain investments encompass the subsea contractor Technocean (52% shareholding), the geotechnical surveying company Bluestone Offshore (40% shareholding), as well as the seismic company Hexio (60% shareholding). GC Rieber Shipping is also in charge of marine ship management for 10 seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for four advanced seismic newbuildings for PGS. 
 
The company is headquartered in Bergen with ship management offices in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global presence. The company is listed on Oslo BÝrs with ticker RISH. Further information is available on the company's website: www.gcrieber-shipping.no.