Date: 26 February 2009


GC Rieber Shipping has purchased two crew boats, which will operate out of Sakhalin in the Sea of Okhotsk in Russia. The two crew boats are expected to be finally converted and in operation from June 2009, with a total investment of approximately NOK 90 million. The boats will commence immediately on 5-year charter agreements with Sakhalin Energy Investment Company. The charter agreements have a total contract value of approximately NOK 145 million.
The plan is to include the two boats in a 50/50 joint venture. GC Rieber Shipping currently operates the ice-breaker "Polar Pevek" (50% owned by GC Rieber Shipping) in the Sakhalin area. The crew boats will be an important addition to the company's current activities in Russia.
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 seismic company Hexio (60% shareholding) as well as the geotechnical surveying company Bluestone Offshore (40% 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.