GC Rieber Shipping ASA ("RISH" of "the Company") has been notified by GC Rieber AS ("GCR") that GCR until further notice wants to suspend the merger discussions between the two companies. The suspension is, according to GCR, based on the uncertainty created by the recent public attention on GCR`s subsidiary GC Rieber Oils AS and GCR will revisit the matter when these circumstances have been clarified.
As a consequence, RISH has stopped the merger discussions and the ongoing work carried out by the Company's financial and legal advisors.
For further information, please:
CEO Sven Rong, phone +47 55 60 68 18, or +47 90 55 49 52
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 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 subsea and marine seismic.
GC Rieber Shipping owns and operates seven advanced multifunctional special purpose vessels for defined markets within subsea, ice research and support and marine seismic. Furthermore, GC Rieber Shipping has acquired the contract for two subsea IMR/CSV new buildings for delivery late 2010 and medio 2011. Through a joint venture of which GC Rieber Shipping owns 51%, the group has in addition two new offshore vessels for delivery in 2010. The group's strategic value chain investments include the subsea services company Reef Subsea (50% shareholding) and the seismic company Octio Group (60% shareholding), which focus on permanent monitoring of existing oil fields. GC Rieber Shipping is also in charge of marine ship management for seven seismic vessels owned by PGS, CGGVeritas and Fugro.
The company is headquartered in Bergen with ship management companies in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global presence. The company is listed on Oslo Børs with ticker RISH. Further information is available on the company's website: www.gcrieber-shipping.no.