Date: 24 August 2012

GC Rieber Shipping's second quarter results

GC Rieber Shipping continues the positive trend from the first quarter.   "We are satisfied with the results for the second quarter", says CEO Irene W. Basili as she presented the figures for the second quarter. She continues: - We are well positioned in markets with good prospects and expect positive development of results throughout the year. Our investments in the second quarter in Armada Seismic and subsea newbuilding emphasize our market view.

Operating revenues totaled to NOK 191.3 million and increased 12 percent compared with the second quarter of 2011. Operating profit before depreciation of NOK 86.7 million was NOK 3 million higher than in last year's second quarter. Profit after tax for the period was NOK 53.7 million, whereas associated company contributed positively with NOK 13.2 million. - It's satisfying that our investments in associated companies are making a positive contribution after the initial build-up phase.

GC Rieber Shipping's operating income in the second quarter came in at NOK 191.3 million compared with NOK 171.4 million in the second quarter of 2011. EBITDA margin in the second quarter was 45 percent, up from 42 percent in the previous quarter. - Some unforeseen downtime in seismic gave lower capacity utilisation in this segment, hence there should be further upside, comments Basili.

Reef Subsea, where GC Rieber Shipping owns 50 percent, contributed with NOK 13.2 million in the second quarter. After the end of the second quarter, Reef Subsea was awarded a major contract with an offshore wind company. The contract will commence in 2013.

GC Rieber Shipping's fleet is fully employed, and the company has a contract portfolio of approximately NOK 1.72 billion at the end of the quarter. The company ordered a new advanced subsea vessel in the second quarter. - We have an option of one additional vessel, but are also considering alternative opportunities, says Irene W. Basili.

Key financial figures of the 2nd quarter of 2012:

For further information, please contact:

CEO Irene Waage Basili, tel. 55 60 68 67, or 90 09 86 88
CFO Einar Ytredal tel. 55 60 68 54, or 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 for defined markets within the subsea, ice/support and marine seismic segments, of which 12 are owned by the company.

The company is headquartered in Bergen with ship management companies in Sevenoaks (UK) and Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo BÝrs with ticker RISH. Further information is available on the company's website

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

Q2 2012 Presentation

Q2 2012 Report