Date: 20 December 2012


"POLAR QUEEN":  Boa Marine Services Inc. declares one year extension for the CSV "Polar Queen".

With reference to the stock exchange notice 9 November 2012, Boa Marine Services declares the extension of hire for the CSV "Polar Queen" for one year. The vessel is currently on a six months contract with the US/ Houston based subsea contractor Boa Marine Services since early October 2012. The initial firm contract period was until April 2013, including options for two years extension after expiry of the firm charter period.

"The extension of the contract with Boa Marine Services confirms the good development of this relationship and the attractiveness of this kind of subsea vessels. We are looking forward to continue cooperation with Boa Marine Services in the future" says CEO Irene Waage Basili of GC Rieber Shipping.

"GEO ATLANTIC": Seismic operator Fugro has decided not to declare its option to extend the charter of the 3D vessel "Geo Atlantic" beyond October 2013.  GC Rieber Shipping views the seismic market outlook as strong and considers this an opportunity.

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 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 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)