Date: 12 July 2016

GC Rieber Shipping enters into 7 months charter for CSV Polar Queen

GC Rieber Shipping ASA has entered into a time charter agreement with Senvion GmbH for the Construction Support Vessel (CSV) Polar Queen for a fixed period of 7 months with options to extend by up to 3 months. The charter will commence in spring 2017.

Senvion GmbH is among the leading providers of offshore wind turbines in Europe. The Polar Queen will support turbine commission by Senvion at the Nordsee One wind farm in the German North Sea. The vessel will provide transfer of personnel and cargoes and will be fitted with a motion compensated gangway and boat landings to serve crew transfer vessels. More than 100 charterers' personnel may be accommodated aboard the vessel, and efficient arrangements for onboard warehousing will be facilitated.

"GC Rieber Shipping has considerable experience from offshore wind services. We are pleased to see that our experience and organizational capabilities are recognized by Senvion in a highly competitive market", says CEO Irene Waage Basili.

The time charter is concluded in understanding with current charterer Boa Marine Services Inc.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 900 98 688
CFO Einar Ytredal, tel.: +47 55 60 68 54, or +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 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 §5-2 vphl, cf. § 5-12 (Norwegian Securities Trading Act).