Date: 10 June 2010


GC Rieber Shipping has entered into agreements to acquire the two high capacity seismic new buildings 532 and 533 currently under construction at Factorias Vulcano in Spain. The total investment will be about NOK 850 million and will be financed through a combination of equity and mortgage debt. NB 532 is expected to be delivered in Q3 2010, while NB 533 is expected to be delivered in Q3 2011.


NB 532 and NB 533 were conceptually designed by GC Rieber Shipping, and originally ordered by Arrow Seismic in 2006.  Ownership of the new buildings was transferred to PGS in 2007, when PGS acquired Arrow Seismic. PGS' subsidiary Arrow Seismic cancelled the contracts for NB 532 and NB 533 in March 2009 and August 2009 respectively due to delays.


The investment is part of GC Rieber Shipping's fleet renewal process and strategy. "We have recently agreed to sell the 2001 built subsea vessel "Polar Queen" to Acergy with a net cash effect sufficient to cover most of the equity required. The divestment of "Polar Queen" and acquisition of NB 532 and NB 533 results in a more equal balance between the segments subsea and marine seismic", says CEO in GC Rieber Shipping, Sven Rong, and adds: "The price level for the investment in NB 532 and NB 533 is considerably lower than comparable vessels, which is expected to represent a competitive advantage".


NB 532 and NB 533 are designed for optimal high capacity (12-14 streamers) marine seismic operations with a strong focus on safety, optimised towing and a maximum speed of 20 knots. Higher transit speed will increase vessel revenues, while lower fuel consumption will reduce vessel environmental impact and operating cost. Overall, the vessels are expected to be among the most cost efficient in the industry. 


The acquisition of the vessels will be financed through a combination of equity and mortgage debt. GC Rieber Shipping has obtained loan commitments from DnBNOR covering 60% of the total investment.



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)