Date: 18 May 2009

GC RIEBER SHIPPING - OCTIO ENTERS INTO CONTRACT WITH GX TECHNOLOGY, A SUBSIDIARY OF ION GEOPHYSICAL CORPORATION


GC Rieber Shipping's subsidiary Octio Group has entered into a four months contract with the oil service company GX Technology (GXT) for the 2D vessel "Geo Explorer." The contract with GXT is in direct continuation from the existing agreement which commenced in March 2009 and runs through October 2009.
 
Octio Group is currently using the "Geo Explorer" to carry out a multi-client survey offshore India for GXT. From June 2009 the "Geo Explorer" will be moved to the North Atlantic area, where the vessel will be used for acquisition of approximately 7,000 Km of 2D seismic data, whereafter GXT has various options to extend the agreement.
 
 
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, through a 51% owned joint venture company, ordered four offshore newbuildings for delivery in 2009/2010. The group's strategic value chain investments encompass the subsea contractor Technocean (58% shareholding), Octio Group, which specializes in permanent monitoring of oilfields (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.