Date: 29 November 2010

GC Rieber Shipping - LOI with Dolphin concerning charter agreements for two 14 streamer and one 2D/Ice seismic vessels

GC Rieber Shipping's 65 percent owned subsidiary Armada Seismic ("Armada") has entered into a Letter of Intent ("LOI") with Dolphin Interconnect Solutions ASA ("Dolphin"). The LOI covers a five-year charter agreement for 14 streamer newbuilding 532, as well as an option for a three-year charter agreement for 14 streamer newbuilding 533. Furthermore, GC Rieber Shipping has entered into an LOI with Dolphin for a one-year charter agreement for the 2D/Ice vessel "Polar Explorer". The LOIs include options for extensions and is conditional on a private placement in Dolphin.


Dolphin will establish a geophysical company with base in Bergen. The new company Dolphin Geophysical will be headed by Atle Jacobsen and Erik Hokholt, both with background from Wavefield InSeis. Wavefield InSeis was acquired by CGGVeritas in 2009. Dolphin  is currently in a process to raise USD 60-65 million in fresh equity. The capital increase is expected to be completed by mid-December 2010. Furthermore, Dolphin has secured approximately USD 39 million  in long term streamer financing, whereof DnB NOR will provide a mortgage loan of USD 32.5 million, while Armada will contribute with a convertible loan of approximately USD 6.5 million to Dolphin.


Armada's newbuilding 532 will be upgraded to a capacity of 14 streamers. The upgrade is expected to be completed in March 2011, after which the vessel enters a five-year charter agreement with Dolphin. After expiry of the fixed part of the contract, Dolphin has an option to extend the agreement by six years.


Armada's newbuilding 533 is being built at the Factorias Vulcano in Vigo (Spain). The progress on newbuilding 533 has been limited, pending clarification concerning the financial situation of Factorias Vulcano. As the financing is now confirmed, newbuilding 533 is expected to be delivered in Q1 2012. Dolphin's option for a three-year charter agreement for newbuilding 533 has to be exercised within 1 November 2011. Dolphin also has an option to extend the agreement by eight years after completion of the fixed part of the contract.


GC Rieber Shipping's 2D/ice vessel "Polar Explorer" will commence on a 12 month charter agreement with Dolphin in January 2011, with options to extend the agreement by up to four years.


The total contract value of the fixed part of the contracts for newbuild 532 and the "Polar Explorer" amounts to approximately NOK 600 million.


Acting CEO in GC Rieber Shipping, Hans Petter Klohs, comments: "We are very satisfied with the agreement, which secures long term employment at favourable terms for several of our seismic vessels. We are also pleased that the agreement with Dolphin contributes to further develop the already strong seismic cluster in Bergen, and we look forward to develop a close and good co-operation with Dolphin and its executive management, whom we know well from the time prior to the demerger of our former subsidiary Exploration Resources ASA, which was acquired by CGGVeritas in 2005".


The Chairman of the Board in Dolphin, Atle Jacobsen, says: "We are very satisfied to enter into this LOI with a well-reputed Norwegian shipping company, with considerable experience in ship management of seismic vessels. Based on our favourable experience with GC Rieber Shipping, we expect to be able to offer our clients a high quality and fully integrated service, which will be attractive in the market".



For further information, please contact:


CEO (acting) 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 currently owns six and operates 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 newbuildings for delivery early 2011 and mid 2011, as well as one IMR newbuilding for delivery in the first quarter 2011. GC Rieber Shipping also  owns 65 % of Armada  Seismic,  which  owns  one  high-capacity  seismic  vessel  and  has one newbuilding  for delivery in the first quarter 2012. The group's strategic value chain  investments include the subsea services  company Reef Subsea (50 % stake) and  the  company  Octio  (73  %  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 nine offshore vessels for other owners.


The company has its registered office and 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)