Stock Exchange Notice
Date: 15. November 2017
GC Rieber Shipping: Shearwater GeoServices awarded ONGC survey
GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices ("Shearwater") has been awarded a 3D broadband marine seismic acquisition contract by ONGC for the planned 2017/2018 field season. The surveys are expected to take approximately five months with the main streamer vessel mobilizing to the APAC Region in the fourth quarter 2017.
Irene Waage Basili, CEO of Shearwater comments: "This is the second consecutive year Shearwater will work for ONGC. A pleased customer is a repeat customer and we see this award as a testament of the quality of the deliverables from the Shearwater organization. We know the operational area well and in the challenging market we are all experiencing today, we are very pleased to have secured this contract which gives us full utilization for one of our vessels through the winter season."
Shearwater GeoServices is a marine geophysical services company jointly owned by GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS. The company has a fleet of four modern seismic vessels, a broad offering of high quality geophysical services including advanced processing and acquisition techniques, and two owners with complementing skills and collectively a long experience in the industry.
"Shearwater has been operative since December 2016 and performance during the first year has exceeded the plans that formed the basis for establishing the company. We are proud to say that we have been able to maintain our solid financial platform despite a very challenging market situation through 2017", says Irene Waage Basili.
For further information:
Christian W. Berg, CEO, GC Rieber Shipping, phone: +47 97 40 55 53
Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 90 09 86 88
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 and has direct and indirect ownership in 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.
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.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.