Date: 4 March 2014

GC Rieber Shipping takes delivery of its new high-capacity subsea vessel

GC Rieber Shipping has taken delivery of its new advanced subsea newbuild "Polar Onyx" from Ulstein Verft. The vessel is chartered on a five-year contract by Ceona Services (UK) Limited, who will use it for advanced deep-water operations for Petrobras in Brasil.

"We are proud to take delivery of "Polar Onyx", vessel number 300 from Ulstein Verft. This is a vessel with high technological and operational capacity, and supports GC Rieber Shipping's ambition to have a fleet of advanced vessels for demanding waters. We are experiencing high market activity within the high-end subsea market, and "Polar Onyx" will contribute to strengthening GC Rieber Shipping's position and focus within this market", says CEO Irene Waage Basili in GC Rieber Shipping.

"Polar Onyx" is a construction support vessel (CSV) designed to operate in harsh and deep waters. The vessel is built to the highest standard for dynamic positioning and is designed to operate in the SURF market. The vessel can accommodate 130 crew, and is built according to the latest international environmental standards. The contract between GC Rieber Shipping and the shipyard was entered into in June 2012, and GC Rieber Shipping is very satisfied with the cooperation with Ulstein Verft.

"ULSTEIN has a complete cycle of expertise in ship design, engineering, shipbuilding and ship investments, specialising in high-quality, advanced offshore vessels for demanding operations world-wide. We have had an excellent cooperation with GC Rieber Shipping in the development and construction process, and we wish the shipowner and contractors all success with the "Polar Onyx"", says CEO Gunvor Ulstein in Ulstein Group.

"Polar Onyx" will start directly on a five-year contract with Ceona, a London based subsea-company within the SURF segment. Ceona has ambitions of global growth, and after "Polar Onyx" is equipped in May 2014, it will start working for Petrobras with pipe-laying operations in deep waters up to 2,200 meters outside the coast of Brasil.

"Ceona has ambitions of delivering the most safe and efficient subsea-installations in the market. A top-modern, advanced vessel as "Polar Onyx" will have a central role in realising the targets we have outlined for our customers and ourselves", says CEO Steve Preston in Ceona.

GC Rieber Shipping's contract with Ceona includes options for extensions up to five years.

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 and project development 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 14 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 seismic vessel for delivery spring 2015.
The company is headquartered in Bergen and has a ship management company in 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)