GC Rieber Shipping has entered into an agreement with DNB Bank ASA, DVB Bank SE and Sparebank 1 SR-Bank for the refinancing of existing loans on the vessels «Polar Duke», «Polar Duchess» and «Polar Marquis». DNB Bank ASA is the agent bank and the total loan is USD 135 million, of which USD 25 million is a revolving loan facility. The loan has a 6-year term with a 10-year profile.

GC Rieber Shipping has further entered into an agreement with Nordea Bank Norge ASA, Sparebank 1 SR-Bank and Sparebanken Vest for the refinancing of existing loans on vessels «Polar Queen» and «Polar King». Nordea Bank Norge ASA is the agent bank and the total loan is USD 91.25 million, of which USD 21.25 million is a revolving loan facility. The loan has a 6-year term with a 12 year profile.

As part of the refinancing, the company has terminated the credit facility of NOK 250 million with Handelsbanken.

The new terms in the loan facilities will give GC Rieber Shipping annual savings in financial costs of approximately USD 1 million.

For further information, please contact:

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

CFO 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 and project development within the segments subsea, ice/support and marine seismic. The group has a specialized competence in operations offshore in harsh environments as well as design, development and maritime operation of offshore vessels.

GC Rieber Shipping currently operates 13 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which the company owns 11.

GC Rieber Shipping has it's headquarter and a ship management company in Bergen, and an additional ship management company in 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.