Date: 1 February 2018

GC Rieber Shipping ASA: 3-year charter for Polar Onyx with Deepocean


Stock Exchange Notice

Date: 1 February 2018

GC Rieber Shipping - 3-year charter for Polar Onyx with Deepocean

GC Rieber Shipping has entered into a time charter agreement with Deepocean BV for the SURF vessel Polar Onyx for a fixed period of three years with options to extend by up to two years.

The Polar Onyx will be used in Ghana to support Deepocean's contract with Tullow Oil. Commencement is immediately and mobilization has begun.

"We are very pleased to have secured a long-term charter agreement with Deepocean where we maintain a position to benefit from improving market conditions. The Polar Onyx proves yet again its market attractiveness being selected for the first long term subsea charter in a while. We look forward to servicing Tullow Oil in close cooperation with our client Deepocean", said GC Rieber Shipping CEO, Christian W. Berg.

GC Rieber Shipping has been involved in offshore exploration and development with dynamically positioned subsea vessels since the 1980s. The company has a fleet of three vessels which can provide a wide range of services such as offshore construction, Inspection Maintenance and Repair (IMR), walk-to-work, ROV survey, ploughing, cable laying and pipe laying (SURF) operations. In addition to Polar Onyx, Polar King is on contract with Nexans until August 2019, while Polar Queen is being actively marketed.

"We are well positioned in several market segments that offer attractive opportunities going forward. The majority of the subsea fleet is on contract, we deliver stable operations within Ice/support and Shearwater has successfully been established in the marine seismic market", said Christian W. Berg.

For further information, please contact:
Christian W. Berg, CEO, phone: +47 974 05 553
Christoffer Knudsen, Director of Chartering, phone: +47 926 18 226

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 BÝrs with ticker RISH.

Further information is available on the company's website www.gcrieber-shipping.com.

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