Date: 21 April 2009

GC RIEBER SHIPPING - EXTENSION OF NOK 250 MILLION CREDIT FACILITY


GC Rieber Shipping has signed an agreement with Handelsbanken to extend a NOK 250 million credit facility whereby the availability of the credit facility is extended from December 2009 until December 2011.
 
The credit facility has not yet been utilized by GC Rieber Shipping and the company has thus NOK 250 million available. Combined with solid liquidity, low gearing and long contract coverage on several of the groups vessels, the credit facility gives GC Rieber Shipping strategic flexibility and competitive advantages in the years to come.  
 
 
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 (58% shareholding), the seismic company Hexio (60% shareholding) as well as the geotechnical surveying company Bluestone Offshore (40% 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.