Date: 29 June 2010


Reference is made to the stock exchange notice issued on 25 June 2010, regarding a NOK 450 million private placement in Armada Seismic.


The placement was conditional on successful renegotiation of the parent company guarantee from GC Rieber Shipping (RISH) relating to Armada Seismic's current financing. RISH has now received consent from DnBNOR Bank with regards to the required adjustments in the parent company guarantee.  Consequently, this condition for the new share issue in Armada Seismic has been lifted. 


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 six and operates currently seven 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. GC Rieber Shipping has also acquired two high capacity seismic new buildings for delivery in Q3 2010 and Q3 2011 respectively. 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 and one subsea vessel owned by PGS, CGGVeritas, Fugro and Acergy.


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)