Date: 21 December 2010

GC Rieber Shipping - Firm agreements with Dolphin

GC Rieber Shipping's and its subsidiary Armada Seismic's charter agreements with Dolphin Group ASA ("Dolphin") has been turned into firm agreements, following approval of the private placement in Dolphin by the extraordinary general meeting in Dolphin.

On 15 December 2010, GC Rieber Shipping and its subsidiary Armada Seismic entered into final and binding charter agreements with Dolphin, concerning lease of the seismic vessels Polar Explorer, Polar Duke and NB533. The only condition for these agreements was that the extraordinary general meeting in Dolphin approved the private placement in Dolphin. The firm charter agreements are in line with the description in the former Letter of Intent, which was described in GC Rieber Shipping's stock exchange notice on 29 November 2010.




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)