Date: 18 November 2011

GC RIEBER SHIPPING: UPDATE FROM REEF SUBSEA


Reef Subsea, where GC Rieber Shipping holds 50 per cent of the shares, has signed two new agreements increasing its industrial impact considerably. Two new modern vessels are chartered on long term bareboat agreements, and means in term of volume a doubling of the operating fleet. Furthermore, a company specializing in seabed excavation is acquired; completing the product portfolio on this field.

Reef Subsea has signed two five-year bareboat agreements for two new-built subsea construction vessels from Neptune Offshore. Simultaneously Reef Subsea takes a 25 % stake of the shares in Neptune Subsea, which is the ship owning company. The vessels will be delivered to Reef Subsea by mid-January 2012. GC Rieber Shipping will provide the maritime management of the vessels.

Reef Subsea has also acquired Rotech Subsea, an Aberdeen-based engineering and fabrication business, specializing in seabed dredging and excavation services. Together with the products and services in Reef Subsea's subsidiary Scanmudring, this acquisition completes Reef Subsea's product portfolio and geographical presence in this subsea niche.

See complete press releases from Reef Subsea at www.reefsubsea.com   

For further information, please contact:

CEO Irene Waage Basili, phone +47 55 60 68 67, or +47 90 09 86 88

CFO (acting) Einar Ytredal, phone +47 55 60 68 54, or +47 97 52 01 84

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.

GC Rieber Shipping currently owns nine and operates ten advanced, multifunctional special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. GC Rieber Shipping also owns 65 % of Armada Seismic, which owns one high-capacity seismic vessel and has one newbuilding with estimated completion in the first quarter 2012.

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