Date: 31 March 2016

GC Rieber Shipping enters into 8.5 months charter for subsea vessel Polar King

GC Rieber Shipping ASA, through its subsidiary Polar Explorer AS, has entered into a time charter agreement with Nexans Skagerrak AS, a subsidiary of Nexans Norway AS, for the CSV Polar King for a fixed period of about 8.5 months. The charter will commence in January 2017 and contains options for up to 16 months additional work. The vessel will conduct survey, trenching and cable laying activities in Norway, the North Sea and the Mediterranean.

Nexans Norway AS, and its wholly owned subsidiary Nexans Skagerrak AS, is part of the Nexans group. Nexans Norway AS is a leading supplier of power, telecommunications, installations and heating cables in Norway, and is among the world's leading manufacturers of offshore control cables and high-voltage submarine cables.

"This is an interesting contract for us with a new customer in a non-oil related segment characterized by high activity and a strong project pipeline. Nexans is a solid international player with a strong presence in Norway, and we look forward to cooperating with them", says CEO Irene Waage Basili.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 900 98 688

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 its 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)