Date: 4 February 2015

HV V Golf companies defaults on debt obligations

Reference is made to the stock exchange notice from GC Rieber Shipping ASA, January 28. 2014, regarding the sale of GC Rieber Shipping's shares in Reef Subsea AS to HV V Invest Golf AS and HV V Invest Golf II AS, two companies owned by the private equity fund HitecVision V, LP. The transaction included the provision of a seller's credit, inclusive of provided guarantees, of NOK 180 million to the two HV V Golf companies. In addition, accrued interests on the seller`s credit amount to NOK 10 million. The HV V Golf companies have not fulfilled the obligations related to the seller's credit and this has now become due and payable. Further, GC Rieber Shipping has reasons to believe that the HV V Golf companies will not fulfill the terms of the agreement.

On this basis GC Rieber Shipping has sent a notice of default to the two HV V Golf companies.  As these two entities own the company and group Reef Subsea AS, it is GC Rieber Shipping's opinion that there may be significant risk related to GC Rieber Shipping's outstanding receivables for the charter of vessels to subsidiaries of Reef Subsea. The outstanding receivables amount to NOK 45 million.  

GC Rieber Shipping will seek to recover amounts due through established collateral in Reef Subsea AS.

Contact persons:

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

This information is subject of the disclosure requirements acc. to 5-2 vphl, cf 5-12 (Norwegian Securities Trading Act).