Date: 23 February 2010


GC Rieber Shipping has through a "club deal" with Nordea, Sparebanken Vest and SpareBank 1 SR-Bank secured long term financing for two subsea IMR new buildings due for delivery in 2010/2011. The USD 107 million loan facility has a 5-year term with a 15-year profile. Including this loan facility, the two new buildings will be approximately 75 % debt financed. Nordea is the agent for the loan facility. The new buildings are of Skipsteknisk ST-254L CD design and are being built at the Freire Shipyard (Spain).


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 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 seven advanced multifunctional special purpose vessels for defined markets within subsea, ice research and support and marine seismic. Furthermore, GC Rieber Shipping has acquired two subsea IMR new buildings for delivery in 2010/2011. Through a joint venture of which GC Rieber Shipping owns 51%, the group has in addition contracted two new offshore vessels for delivery in 2010. The group's strategic value chain investments include the subsea services company Reef Subsea (50% shareholding) and the seismic company Octio Group (60% shareholding). GC Rieber Shipping is also in charge of marine ship management for seven seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for two advanced seismic new buildings for PGS.


The company is headquartered in Bergen with ship management companies 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:

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)