Date: 1 March 2010

GC Rieber has proposed a merger with GC Rieber Shipping

GC Rieber Shipping AS (RISH) has received a letter dated 26 February 2010 from GC Rieber AS with a proposal to merge the two companies. GC Rieber AS is RISH's largest shareholder owning 52.74 % of the shares outstanding.

The proposal is for a merger with consideration in GC Rieber AS shares. However, no exchange ratio has bee proposed as of yet. The proposal includes an opportunity for RISH shareholders who do not want shares in GC Rieber AS as consideration to opt for cash consideration of NOK 31 per RISH share, limited to a maximum cash consideration of 20 % of the total merger consideration.

The Board of Directors of RISH has retained Carnegie ASA as financial advisor and Wikborg Rein as legal advisor to assist the Board of Directors in their evaluation of the proposal and assessment of possible merger negotiations. In these deliberations, RISH's interests will be key, including the minorities' position with regards to consideration and price/exchange ratio.

Letter from GC Rieber AS is attached.


Deputy Chairman: Trygve Arnesen + 47 901 81 966
CEO Sven Rong + 47 905 54 952
CFO Hans Petter Klohs + 47 907 50 526

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

Letter from GC Rieber AS

Letter from GC Rieber AS - Office translation