Date: 19 August 2011

GC RIEBER SHIPPING: "POLAR PRINCE" CONTRACT EXTENDED ONE YEAR


GC Rieber Shipping and the subsea contractor Technocean has agreed on a one year extension of the charter regarding vessel "Polar Prince".

 

The time-charter with Technocean for the subsea vessel "Polar Prince" has been extended to September 2012. The vessel is engaged in subsea operations related to installations of offshore wind farms in the North Sea.  

 

"We are pleased with the renewal of the contract and the extension fits with our overall fleet plan going forward," comments CEO in GC Rieber Shipping, Irene Waage Basili.

 

Technocean is a subsidiary of the subsea service company Reef Subsea. GC Rieber Shipping owns 50% of Reef Subsea.

 

 

For further information, please contact:

 

CEO Irene Waage Basili, phone +47 55 60 68 67, or +47 90 09 86 88
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 subsea, ice/support and marine seismic. The group has a unique competence in offshore operations in harsh environments as well as 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 currently owns eight and operates nine advanced, multifunctional special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. GC Rieber Shipping has one subsea IMR/CSV newbuilding for delivery in 2011. GC Rieber Shipping also owns 65 % of Armada Seismic, which owns one high-capacity seismic vessel and has one newbuilding for delivery in the first quarter 2012. The group's strategic value chain investments include the subsea services company Reef Subsea (50 % stake) and the company Octio (61 % stake), which is in the business of permanent reservoir monitoring. GC Rieber Shipping also manages offshore vessels for other owners.

 

The company has its registered office and headquarter in Bergen with ship management companies in Sevenoaks (UK), Singapore and Yuzhno-Sakhalinsk (Russia), which provides international presence. The company is listed on Oslo BÝrs with ticker RISH. Further information is available on the company's website www.gcrieber-shipping.no

 
 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.