Date: 2 May 2018

GC Rieber Shipping: Shearwater GeoServices awarded two 3D seismic acquisition contracts for clients in West Africa


Stock Exchange Notice
Date: 02 May 2018

GC Rieber Shipping: Shearwater GeoServices awarded two 3D seismic acquisition contracts for clients in West Africa

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices ("Shearwater") has been awarded a contract to acquire 3D seismic for Genel Energy in the Sidi Moussa license offshore Morocco. Additionally, Shearwater has been awarded a five months contract for an undisclosed client engaged in West Africa. The market outlook is improving, and the two contracts add significantly to Shearwater's backlog for the 2018 summer and autumn seasons.

Genel Energy, one of the largest independent oil producers listed on the London Stock Exchange, has been active in Morocco for several years and plan to acquire seismic offshore Morocco with the expectation to materially de-risk the prospectively of the Sidi Moussa license.

The survey will include dual, FlexiSource and multi-azimuth shooting, for appraisal and exploration targets. In all the volume of data to be acquired is equivalent to more than 3,500 sqkm. The program is scheduled to start in Q3 2018 and is expected to take 3-4 months.

The proprietary contract with the undisclosed new Shearwater client is for two surveys off West Africa this summer. The surveys will commence early in the second quarter and are expected to take 5 months in total to complete and cover approximately 10,000 sqkm combined. Shearwater will use the Polar Marquis for this contract. One of the surveys will be acquired with FlexiSource, which reduces wide-tow large survey acquisition time by a third compared to conventional dual source seismic acquisition.

Shearwater's fleet has been engaged on acquisition surveys in the Indian Ocean through the winter season, providing good utilization in the two first quarters of 2018. With the recent awards and a gradually improving market, Shearwater is well positioned for growth.

"We are excited to work for Genel in Morocco where our vessels and crews have worked before. When also adding the award from the undisclosed client - and the recent award from TGS in the North Sea - our backlog has increased significantly and we have expanded our client list. We see these awards as another confirmation of the attractiveness of the Shearwater's fleet and our offering. The seismic market shows signs of strengthening, and we expect this to materialise into more awards in the time to come", said Irene Basili, CEO of Shearwater.

Shearwater GeoServices is a marine geophysical services company jointly owned by GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS.  The company has a fleet of four modern seismic vessels, a broad offering of high quality geophysical services including advanced software, processing and acquisition techniques, and two owners with complementary skills and collectively a long experience in the industry.

For further information:

Christian W. Berg, CEO, GC Rieber Shipping, phone: +47 97 40 55 53

Irene Waage Basili, CEO, 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 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.