Date: 22 April 2009

GC RIEBER SHIPPING - CONTRACT UPDATE "POLAR PRINCE"


GC Rieber Shipping has extended the charter agreement for "Polar Prince" with Technocean. The contract is extended from June 2009 until July 2011, with an option for further extension of up to 1 year. From August 2009, Technocean will use "Polar Prince" for subsea operations, including cable laying, related to offshore wind farms in the UK, Germany and the Netherlands.
 
"Polar Prince" is currently on a charter to Technocean, which supplies IMR (Inspection, Maintenance and Repair) services for Total offshore Congo. From August 2009, Technocean will use "Polar Prince" for subsea operations for the company Subocean, which is specialized on subsea services in connection with installation of offshore wind farms.
 
Sven Rong, CEO of GC Rieber Shipping, is satisfied with Technocean's new contract within a segment with significant future potential. "Offshore wind farms is an early phase market, where the need for subsea operations is substantial. By building experience within this area, we position ourselves for a large future market".
 
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.