The subsea service company Reef Subsea has today exercised its option to extend the charter party for the subsea vessel "Polar King" with nine months. This extends the current contract until February 2015. Reef Subsea has an option of extending the contract for another 15 months.

"Polar King" has been on contract for Reef Subsea since the vessel was delivered in 2011.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88
CFO Einar Ytredal, tel.: +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 and project development 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 operates 15 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which 10 are owned by the company. In addition, the company has one subsea vessel under construction for delivery spring 2014, and one seismic vessel for delivery spring 2015.

The company is headquartered in Bergen with ship management companies in Sevenoaks (UK) and Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH. Further information is available on the company's website www.gcrieber-shipping.no.