Date: 4 November 2009

GC RIEBER SHIPPING - CANCELLATION OF NEW BUILD 7038


New build 7038, which was ordered in May 2008 by Polar Marine II Pte Ltd, a 51/49 joint venture between GC Rieber Shipping and Otto Marine, has been cancelled due to significant delays.  
 
The cancellation, which has been put forward by Polar Marine II in accordance with the contractual terms, is however disputed and arbitration is expected. Interim payment (20% of contract price) is covered by a refund guarantee.
 
 
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