Date: 30 December 2008


The subsea contractor Technocean, a subsidiary of GC Rieber Shipping, has through a private placement raised NOK 35 million. Technocean has also appointed John Dale as new CEO.
Technocean has completed a private placement of NOK 35 million; whereof GC Rieber Shipping contributes NOK 24 million and financial investors contribute the remaining NOK 11 million. GC Rieber Shipping's shareholding in Technocean has increased from 52.5% to 57.6% after the placement. The proceeds from the placement will be utilised for strengthening the working capital and investment capacity in Technocean, after a year with increasing activity and investments, such as the acquisition of Scan Mudring in the first quarter 2008.
- The capital increase provides the required flexibility for Technocean, says CEO Sven Rong in GC Rieber Shipping.
Furthermore, Technocean has appointed John Dale as new CEO in Technocean. Dale replaces Bjarte Fagerås with effect from 1 January 2009. Dale comes from the position as VP Business Development in AGR and has wide experience from offshore subsea and the drilling industry in Norway and internationally.
- Technocean enters a phase in which the commercial background of Dale fits very well, says Rong.
After 1 January 2009, Bjarte Fagerås, the present CEO in Technocean, will be in charge of the seismic activities in GC Rieber Shipping through Hexio AS.
For further information, please contact:
CEO Sven Rong, phone +47 55 60 68 18, or +47 90 55 49 52
CFO Hans Petter Klohs, phone +47 55 60 68 24, or +47 90 75 05 26
About GC Rieber Shipping:
GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management, project development and industrial portfolio management within the segments offshore subsea, ice research and support, as well as marine seismic. The group has a unique competence on offshore operations in harsh environments and design, development and maritime operation of seismic vessels. Through strategic value chain investments the group has substantial knowledge and experience within offshore subsea and marine seismic.
GC Rieber Shipping owns and operates six advanced multifunctional special purpose vessels for defined markets within offshore subsea, ice research and support and marine seismic. Furthermore, GC Rieber Shipping has ordered four offshore newbuildings for delivery in 2009/2010. The group's strategic value chain investments encompass the subsea contractor Technocean (58% shareholding), the geotechnical surveying company Bluestone Offshore (40% shareholding), as well as the seismic company Hexio (60% shareholding). GC Rieber Shipping is also in charge of marine ship management for 10 seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for four advanced seismic newbuildings for PGS. 
The company is headquartered in Bergen with ship management offices in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global presence. The company is listed on Oslo Børs with ticker RISH. Further information is available on the company's website:

Technocean_new CEO and capital increase