Date: 14 December 2015

Dolphin Group files for bankruptcy

Reference is made to the press release from Dolphin Group ASA (Dolphin) as of today, where Dolphin announced that they have not succeeded in restructuring the company and will therefore file a petition for bankruptcy today.

GC Rieber Shipping has had three vessels on long term contract to Dolphin and will immediately initiate a process to evaluate alternatives for employment of its seismic fleet. GC Rieber Shipping believes its high quality and efficient vessels will attract interest even in a further consolidated seismic market.     

GC Rieber Shipping's outstanding receivables amount to approximately USD 20 million. GC Rieber Shipping will seek to recover outstanding and future claims and losses from the Estate, but it is uncertain to which extent demands will result in significant coverage.

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 5-12 vphl (Norwegian Securities Trading Act)