Date: 11 April 2018

GC Rieber Shipping: Shearwater GeoServices returns to Atlantic Margin for TGS


Stock Exchange Notice
Date: 11 April 2018

GC Rieber Shipping: Shearwater GeoServices returns to Atlantic Margin for TGS

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices ("Shearwater") has been awarded a new contract from the multiclient geophysical company TGS.

The project is expected to take approximately three months and is scheduled to be completed by the end of September, 2018.

For the second consecutive year Shearwater has been awarded a contract for a seismic survey on the Atlantic Margin in the Norwegian Sea. The 2018 survey is for 5,135 square kilometer which will be performed by one of Shearwater's high-end 3D vessels. The vessel will utilize FlexiSource and a wide tow spread, for which all Shearwater vessels are designed.

"We are very happy to return to the Atlantic Margin to work with TGS once more, extending the largest 3D seismic survey in Northern Europe. It is especially satisfying to be awarded repeat business from renowned clients. In addition, this award further solidifies our position in the acquisition of large efficient 3D seismic surveys," says Irene Waage Basili, CEO of Shearwater GeoServices.

In 2017 Shearwater acquired 29,500 square kilometers of FlexiSource data for TGS, including 17,700 square kilometers for the TGS Atlantic Margin project. The 2018 season will bring the total area shot by Shearwater for the Atlantic Margin project to 22,835 square kilometers.

Shearwater has over the winter season been awarded several significant contracts. Three of SGS' vessels are currently engaged in survey's in the Indian Ocean for the winter season. The company is well under way building a solid backlog for the 2018 summer and autumn seasons.

"The seismic market remains challenging, but we see an increasing interest for Shearwater's offering and the number of prospects is increasing. We do not expect a near term dramatic change in the market picture, but we remain cautiously optimistic and expect to see more awards coming our way", says Irene Waage Basili. 

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 software, processing and acquisition techniques, and two owners with complementary skills and collectively a long experience in the industry.

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 BÝrs 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.