Date: 20 March 2017

Irene Waage Basili resigns the position as CEO of GC Rieber Shipping to take the position as permanent CEO of Shearwater GeoServices

Reference is made to the stock exchange announcement on 4 November 2016, regarding Irene Waage Basili temporarily leaving GC Rieber Shipping ASA in anticipation of a permanent CEO of Shearwater GeoServices.

The board of Shearwater GeoServices, which is jointly owned by GC Rieber Shipping and Rasmussengruppen, has offered Irene Waage Basili to take on the position as CEO of Shearwater on permanent basis. Irene Waage Basili has accepted the offer and will thus resign the position as CEO of GC Rieber Shipping on 1 April 2017.

"The Board of GC Rieber Shipping would like to thank Irene Waage Basili for solid contributions during her six years at the helm of GC Rieber Shipping. We wish her good luck with new responsibilities and we are very pleased that she will continue to work in Shearwater and thus will still be in close contact with GC Rieber Shipping" says Paul Christian Rieber, Chairman of GC Rieber Shipping.

The Board of GC Rieber Shipping will initiate a thorough and broad process to recruit a new permanent CEO. Meanwhile, Einar Ytredal will continue to serve the role as acting CEO while Øystein Kvåle will remain acting CFO.

For further information:
Paul Chr. Rieber, Chairman, GC Rieber Shipping, phone:  +47 950 21 994

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 and has direct and indirect ownership in 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.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.