GC Rieber Shipping ASA's subsidiary Armada Seismic Invest II AS ("Armada") has received a claim from Arrow Seismic Invest II Ltd. ("Arrow"). Arrow alleges that Armada acted negligently when the company took delivery of hull 533 in October 2011 and is claiming about EUR 9 million in damages.

Arrow, which at the time of delivery had a pending second priority attachment over the shipyard's claim for payment, asserts that Armada's payment was made to the wrong party when the first priority mortgagee was paid.

Armada made the payment in good faith on basis of thorough documentation and in accordance with ordinary security law and considers Arrow's claim for damages to be without merit. However, if the claim should succeed, Armada will have recourse against the party who received the payment.

For further information, please contact:

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