Date: 25 February 2013

GC Rieber Shipping - Board approval of agreements

GC Rieber Shipping's agreement with Kleven Verft ("Kleven") to build a new seismic vessel and charter agreements with Dolphin Geophysical ("Dolphin") has been turned into firm agreements, following by approval of the Board of GC Rieber Shipping.

With reference to stock exchange notice on 13 February 2013, GC Rieber Shipping announced that they have entered into an agreement with Kleven to build a 3D high end seismic vessel and additionally entered into charter agreements with Dolphin, concerning the new vessel, lease of the seismic vessel "Geo Atlantic" and extension of the existing contract for the "Polar Duchess".  The only condition for these agreements was that the Board of GC Rieber Shipping approved the agreements. The firm agreements are in line with the description in the GC Rieber Shipping's stock exchange notice on 13 February 2013.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88
CFO Einar Ytredal, tel.: +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 16 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which 11 are owned by the company. In addition, the company has one subsea vessel under construction for delivery spring 2014, and one seismic vessel for delivery spring 2015.

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)