Date: 3 March 2016

GC Rieber Shipping - Claim against Armada Seismic Invest II AS dismissed

Reference is made to the stock exchange announcement dated 14 June 2012, whereby GC Rieber Shipping ASA announced that its subsidiary, Armada Seismic Invest II AS ("Armada") had received a claim from Arrow Seismic Invest II Limited (now: PGS Geophysical (UK) Limited) amounting to approx. EUR 9 million.

After various delays due to procedural issues, the dispute has now been adjudicated in the Bergen district court, which rendered its decision 2 March 2016. The claim against Armada has been dismissed, and Armada has been awarded full legal fees in the amount of NOK 3.4 million. The decision may be appealed.

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)