Date: 3 June 2010


GC Rieber Shipping ("RISH") and Acergy ("Acergy") have entered into an agreement for the sale of the subsea vessel "Polar Queen".


The "Polar Queen" was built in 2001, acquired by RISH in 2005, converted to a flexi pipelay & light CSV in 2006 and is currently on long term charter to Acergy until 2012 after which Acergy has options to charter the vessel for another 4 years.


The sale, which is expected to be completed in June 2010, demonstrates the underlying values in RISH and generates earnings per share of about NOK 6.4 and will strengthen RISH' investment capacity in new projects.


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/support, as well as marine seismic. The group has a unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels. Through strategic value chain investments the group has substantial knowledge and experience within subsea and marine seismic.


GC Rieber Shipping owns seven and operates currently eight advanced multifunctional special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. Furthermore, GC Rieber Shipping has two subsea IMR/CSV new buildings for delivery late 2010 and mid 2011. Through a joint venture of which GC Rieber Shipping owns 51%, the group also has two new offshore vessels for delivery in 2010. The group's strategic value chain investments include the subsea services company Reef Subsea (50 % stake) and the company Octio (60% stake) which is in the business of permanent monitoring of existing oil fields. GC Rieber Shipping is also in charge of marine ship management for seven seismic vessels owned by PGS, CGGVeritas and Fugro.


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)