Date: 3 June 2009

GC RIEBER SHIPPING - ACQUIRES "GEO ATLANTIC" FROM PETROLEUM GEO-SERVICES (PGS)


GC Rieber Shipping has entered into an agreement to acquire the high capacity 3D/4D vessel "Geo Atlantic" from PGS for a price of USD 58 million, including the current charter with Fugro. The acquisition will be part-financed through a USD 44 million mortgage loan provided by DVB Bank.
 
The "Geo Atlantic" was built in 2000 and owned by GC Rieber Shipping until 2005 when it was sold to Arrow Seismic.  In 2006, the vessel was converted to a high capacity 3D/4D seismic vessel, capable of deploying 10 streamers and dual sources.  The vessel is time chartered to Fugro until October 2013 and is expected to generate an EBITDA of about USD 8.5 million per year.  Fugro has options to extend the charter period until October 2017.
 
The re-acquisition of the vessel is in line with the company's expressed strategy of taking advantage of attractive investment opportunities arising as a result of the present market situation. The company will continue to pursue this strategy.
 
 
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.