Date: 27 February 2008


GC Rieber Shipping targets a leading position as supplier of challenging subsea operations. The company acquires, through the 52 % owned subsidiary Technocean, the Mandal-based company Scan Mudring. - The market for challenging subsea operations will grow significantly in the coming years, and we shall position ourselves with special competence and competitive operations, says CEO in GC Rieber Shipping Sven Rong. He wants to be the leading supplier on the difficult operations.
Technocean a driver for subsea strategy
The subsidiary Technocean, in which GC Rieber Shipping holds a 52 % stake, focuses on difficult seabed challenges in connection with development of new subsea fields, maintenance of existing fields, removal of platforms or other types of subsea constructions.  The company's core competence is operations of so-called ROVs (Remote Operated Vehicles) under challenging conditions.
Broader competence through acquisition of Scan Mudring
Scan Mudring's core competence is technically complex soil removal on the seabed and the business is complementary to Technocean's activities. Typical tasks can be moving of rocks and various types of seabed soil in connection with installation or removal of equipment on the seabed. The projects are carried out with remotely operated equipment of own make. The company is located in Mandal, has 18 employees and had revenues of approximately NOK 46 million in 2007. The acquisition price, which is agreed by the parties not to be disclosed, is partly dependent on future profit development in Scan Mudring.  Furthermore, it has been agreed that the current owner shall continue to contribute to the company's development through participation in strategic development of markets and business areas.     
The acquisition of the company provides Technocean with important complementary skills and experience. Technocean will explore further opportunities for expanding the knowledge base going forward. - Subsea development is an industry in an early phase and with more operations the complexity will increase, emphasizes CEO Bjarte Fagerås in Technocean, who claims that access to competence is a key factor within this area going forward.
Strategic opportunity
The CEO in GC Rieber Shipping emphasizes that the combination of the parent company's history and experience with operation of offshore quality vessels and Technocean's special skills and know-how within ROV-operations provides a unique platform for the efforts in building up a position in challenging subsea operations. - We see an opportunity in a growing market, where we have expectations for success, and we will continue the necessary build-up of resources to become a leading player, Sven Rong concludes.
Contact person(s):
GC Rieber Shipping:         Sven Rong           +47 55 60 68 18 /+47 90 55 49 52
Hans Petter Klohs          +47 55 60 68 24 /+47 90 75 05 26
Technocean:                  Bjarte Fagerås      +47 55 20 99 40 /+47 90 62 64 01
About GC Rieber Shipping:
GC Rieber Shipping is an industrial company with business within offshore/shipping, with focus on high quality marine ship management, project development and industrial portfolio management. The company has a unique competence on offshore operations in harsh environments and design, development and maritime operation of seismic vessels. The company has also built substantial competence on subsea operations, both through the 52 % stake in the subsea contractor Technocean and through long term cooperation with other key players in the market.
GC Rieber Shipping owns and operates five advanced multifunctional special purpose vessels for defined markets within offshore subsea and ice research and support. The company is also in charge of ship management for 12 seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for four advanced seismic newbuildings for Arrow Seismic (PGS), and conversion of two 2D/source vessels. The company's headquarters is located in Bergen with ship management offices in Sevenoaks (England) and Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.
About Technocean:
The company was established in February 1990 out of the ROV operation company Bergen Underwater Services AS. The company has since the start worked with the majority of oil companies and subsea contractors in the North Sea. In 2006, GC Rieber Shipping became majority owner in the company with 52% of the shares, and this became the basis for expansion within offshore operations. Technocean currently operates from the DPII ROV/CSV vessel "Polar Prince", which is fully equipped with operating and monitoring ROV onboard. This signifies Technocean's gradual change from a consultant company to an offshore supplier of IRM-services (inspection, repair and maintenance) and light subsea construction services to the major subsea contractors and oil companies.