Reference is made to GC Rieber Shipping ASA's ("RISH") stock exchange notification on 7 May 2012 announcing that RISH' wholly owned subsidiary Polar Ship Invest IV AS ("Polar") would make a voluntary offer (the "Offer") to acquire all outstanding shares in Armada Seismic ASA ("Armada") not already owned by Polar for a price of NOK 26 per share.

RISH hereby announces that by the end of the offer period 21 May 2012, RISH has through acceptances and the acquisition of shares in the market reached a combined ownership and acceptance level of 100 percent.

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. 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 www.gcrieber-shipping.no.