Stock Exchange Notice
Date: 03 May 2018

GC Rieber Shipping: Shearwater GeoServices awarded North Sea survey for Premier Oil

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices ("Shearwater") has been awarded a UK North Sea high-resolution 3D project on the Tolmount Field for Premier Oil. The survey is scheduled to start late Q2 2018 and will be executed by the Polar Duchess.

Premier Oil is a leading independent exploration and production company with oil and gas interests in the North Sea, South East Asia, the Falkland Islands and Latin America. The Tolmount Field, located off the coast of Yorkshire, is one of the largest recent discoveries made in the Southern Gas Basin. The survey is expected to take about one month and will provide high-resolution imaging of approximately 400 sqkm of the Tolmount Field.

"This marks the return to the North Sea following last year's active season. I'm especially pleased to see the Polar Duchess working for Premier Oil, conducting Shearwater's first high-resolution appraisal project in the UK North Sea", said Irene Basili, CEO of Shearwater.

Shearwater has recently won several contracts for different oil companies in West Africa and with TGS on the Norwegian Continental Shelf, building a strong backlog for its fleet through the fall of 2018.

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 Børs 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.