Date: 30 July 2009

GC RIEBER SHIPPING ANNOUNCES VOLUNTARY OFFER FOR SEA4 SHARES


GC Rieber Shipping today announces a voluntary offer for the acquisition of all the issued and outstanding shares in Sea4 at an offer price of NOK 3.50 per share. Sea4 has contracted two IMR subsea vessels of Skipsteknisk ST-254L CD design. The vessels are currently being built at Freire Shipyard (Spain) under a Spanish tax lease arrangement and are scheduled for delivery in June 2010 and March 2011, respectively.

GC Rieber Shipping's offer is conditional on i.a., obtaining at least 67 percent of the shares in Sea4. The offer is further conditional on Sea4's continued ownership of its special purpose subsidiaries Sea4 I Shipping Ltd and Sea4 II Shipping Ltd, as well as satisfactory due diligence. Due to its familiarity with the Spanish tax lease system and several of Sea4's suppliers, GC Rieber Shipping expects to be able to conclude the due diligence process within a short period of time.

GC Rieber Shipping is an industrial player in offshore subsea, ice research and support, as well as marine seismic. The group has a communicated strategy of expanding within the subsea segment. GC Rieber Shipping has a strong financial capacity with solid liquidity, low gearing and long contract coverage on several of the group's vessels.

Carnegie ASA is acting as financial advisor to GC Rieber Shipping in connection with the transaction.



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 seven 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 three 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.


GC RIEBER SHIPPING ANNOUNCES VOLUNTARY OFFER FOR SEA4 SHARES