GC Rieber Shipping ASA, through its subsidiaries, has entered into a time charter agreement for seismic acquisition and seismic QC services, with Sovcomflot subsidiary OOO SCF Geo.

The job will utilize the 22 streamer ice classed vessel Polar Empress. The job is estimated to take about two months and the mobilization for the operation in the Kara Sea will commence promptly.

"We have had long lasting discussions with Sovcomflot related to this contract and we are very pleased to be able to conclude in time for this season's work.  Our vessel's unique capabilities are tailor made for operating in these types of areas and we are glad to see that clients value our assets and our ability to adapt our work scope to specific need", says CEO Irene Waage Basili.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 900 98 688

CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 975 20 184

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 offshore operations 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.

The company has its headquarter and a ship management office 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.com.