Date: 5 April 2011

GC RIEBER SHIPPING - REEF SUBSEA DIVESTS FROM BLUESTONE OFFSHORE


Reef Subsea AS, an associated company of GC Rieber Shipping, has decided to divest from its Bluestone Offshore Pte Ltd business based in Singapore. Bluestone is an integrated geotechnical site investigation company providing complete solutions for offshore projects requiring seabed data and sampling. Upon a Share Purchase Agreement signed on 4 April 2011, Fugro will acquire 100% of the company. The parties have agreed to not disclose the sales price.

 

Reef Subsea's decision to divest from the geotechnical market follows the company's decision to concentrate the strategy around subsea services. The divestment will provide Reef Subsea with additional resources to further pursue its developments in the global subsea market. Reef Subsea's presence in Asia-Pacific will be assured by the subsidiary Scanmudring's new office in Singapore.

 

The "Greatship Maya", a subsea vessel operated by GC Rieber Shipping, is currently employed on a time charter agreement with Bluestone Offshore. This time charter agreement, which expires in 2012, will continue unaffected by Reef Subsea's divestment from Bluestone Offshore.

 

 

 

For further information, please contact:

 

CEO Irene Waage Basili, phone +47 55 60 68 67, or +47 90 09 86 88
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 currently owns seven and operates eight advanced multifunctional special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. In addition, GC Rieber Shipping owns one subsea IMR/CSV newbuilding for delivery in 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 reservoir monitoring.  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 international presence. The company is listed on Oslo BÝrs with ticker RISH. Further information is available on the company's website www.gcrieber-shipping.no.

 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.