Date: 10 August 2009

GC RIEBER SHIPPING - SEA4 OFFER NOT RECOMMENDED BY BOARD OF SEA4


Reference is made to offer from GC Rieber Shipping to the shareholders in Sea4 AS dated 31 July. Sea4 has informed GC Rieber Shipping that the Board of Sea4 has recommended shareholders not to accept the offer from GC Rieber Shipping.
 
GC Rieber Shipping will, after reviewing the letter, revert with comments to the Board of Sea4's remarks to the offer.
 
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.