Date: 29 May 2018

GC Rieber Shipping: Appeal from PGS Geophysical (UK) Limited


Stock Exchange Notice
Date: 29 May 2018

GC Rieber Shipping - Appeal from PGS Geophysical (UK) Limited  

Reference is made to the stock exchange announcement 30 April 2018, where it was announced that PGS Geophysical (UK) Limited's ("PGS") claim of approx. EUR 9 million against GC Rieber Shipping ASA's subsidiary Armada Seismic Invest II AS ("Armada") had been dismissed by the Gulating Court of Appeal in Bergen.  The decision has now been appealed by the claimant, PGS. Armada maintains its view that the claim is unfounded, which was also confirmed by Bergen District Court in the first instance and Gulating Court of Appeal in Bergen in the second instance.

Armada will continue to defend itself against the claim before the Supreme Court.  

For further information, please contact:
Christian W. Berg, CEO, phone: +47 974 05 553

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.