Date: 4 November 2016

Temporary change of roles: Irene Waage Basili will temporarily leave the position as CEO of GC Rieber Shipping to fully focus on and maximize the potential of Shearwater GeoServices

Reference is made to the stock exchange announcements on 13 October 2016, regarding the establishment of Shearwater GeoServices AS ("Shearwater"), a new marine geophysical company jointly owned by GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS.

Irene Waage Basili was appointed interim CEO of Shearwater GeoServices on October 13. In anticipation of a permanent CEO, Waage Basili will temporarily vacate her position as CEO of GC Rieber Shipping. Shearwater has been very well received in the market and the owners have identified a need for a CEO and a management with full focus and dedication during the initial phase in the company's development.

GC Rieber Shipping's CFO Einar Ytredal will take the position as acting CEO. Øystein Kvåle, employed in GC Rieber AS, is appointed acting CFO in GC Rieber Shipping. The management changes will have immediate effect.

Shearwater GeoServices has initiated a process to recruit a permanent CEO. 

For further information:
Einar Ytredal, CEO (act.), GC Rieber Shipping, phone: +47 55 60 68 54, or +47 975 20 184

Irene Waage Basili, CEO (act.), Shearwater GeoServices, phone: +47 90 09 86 88


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 owns and operates 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.

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)