Date: 15 May 2012


GC Rieber Shipping ASA ("RISH"), through its wholly owned subsidiary Polar Ship Invest IV AS ("Polar"), announced on May 7, 2012 an offer to acquire all outstanding shares in Armada Seismic ASA ("Armada" or the "Company") not currently owned by Polar for a price of NOK 26 per share.

Following the announcement of the voluntary offer (the "Offer"), RISH has through acceptances and the acquisition of shares in the market reached a combined ownership and acceptance level of 95.59 percent. As a consequence, the Offer's condition of 90% has been fulfilled and the Offer is now unconditional. The shares purchased in the market have been acquired at a price of NOK 25.90 per share. The Offer period expires on 21 May 2012, after which settlement will take place as outlined in the Offer letter.

For further information, please contact:

CEO Irene Waage Basili, phone +47 55 60 68 67, or +47 90 09 86 88

CFO Einar Ytredal, phone +47 55 60 68 54, or +47 97 52 01 84


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 and 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.

GC Rieber Shipping currently operates 18 advanced special purpose vessels within defined markets, of which twelve are owned by the group. This includes GC Rieber Shipping's ownership in Armada Seismic.

The company has its head office in Bergen with ship management companies in Sevenoaks (England) and Yuzhno-Sakhalinsk (Russia). 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)