Date: 4 September 2015

GC Rieber Shipping - Termination of contract

In March 2014, GC Rieber Shipping entered into a five-year time charter agreement with Ceona Chartering (UK) Ltd (Ceona) for the subsea vessel "Polar Onyx". GC Rieber Shipping has now terminated the charter agreement by reason of Ceona`s default.

Ceona has provided security, by way of cash deposit in a Norwegian bank, equivalent to nine month`s hire, towards GC Rieber Shipping for the fulfillment of Ceona`s obligations under the charter agreement. GC Rieber Shipping will seek to recover outstanding and future claims and losses through the established cash deposit.

In addition, GC Rieber Shipping will seek to recover excess amounts through Ceona.

For further information, please contact:

CEO Irene Waage Basili, tel: (+ 47) 55 60 68 67 / (+ 47) 900 98 688

CFO Einar Ytredal, tel: (+47) 55 60 68 54 / (+47) 975 20 184

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 specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.

GC Rieber Shipping currently operates 13 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which the company owns 11.

The company has it's headquarter and a ship management office in Bergen, and an additional 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)