Date: 7 July 2006


GC Rieber Shipping Ltd. ("RISH Ltd."), a 100 % owned subsidiary of GC Rieber Shipping ASA, has agreed on Head Terms of an Asset Purchase Agreement with TechMarine International Plc. ("TMI"). Subject final agreement, RISH Ltd. will purchase the business and assets of TMI as a going concern. The purchase include a ship management organisation of 13 persons with premises in Kent outside London (UK) as well as two ship management
contracts with the seismic major CGG for the seismic research vessels "CGG Amadeus" and "CGG Symphony". The effective date of the purchase is 1st July 2006 and the total purchase price under the Asset Purchase Agreement is USD 4.9 million. The Asset Purchase Agreement with TMI fits into the company's strategy to grow the ship management operations, thus increasing GC Rieber Shipping's economy of scale and flexibility within its ship management operations.

For further information, please contact CEO Sven Rong, phone + 47 55 60 68 00.