Date: 30 April 2018

GC Rieber Shipping: Claim against Armada Seismic Invest II AS dismissed


Stock Exchange Notice

Date: 30 April 2018

GC Rieber Shipping: Claim against Armada Seismic Invest II AS dismissed

Reference is made to the stock exchange announcement 19 April 2016, where it was announced that PGS Geophysical (UK) Limited ("PGS") had appealed Bergen District Court`s decision in PGS claim of approx. EUR 9 million against GC Rieber Shipping ASA's subsidiary Armada Seismic Invest II AS ("Armada"). The dispute has now been adjudicated in the Gulating Court of Appeal in Bergen, which has rendered its decision. The claim against Armada has been dismissed, and Armada has been awarded full legal fees in the amount of NOK 3.4 million. The decision may be appealed.

For further information, please contact:

Christian W. Berg, CEO, phone: +47 974 05 553

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.