Stock Exchange Notice
Date: 11 October 2018

GC Rieber Shipping: Shearwater GeoServices awarded two contracts, adding 7 vessel months

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices ("Shearwater") has been awarded 3D surveys in the Mediterranean and South East Asia, adding 7 vessel months to the current backlog. The surveys will be starting in the first half of Q4 2018. The Mediterranean survey will take approximately two months, and the South East Asia surveys lasting 5 months.

"We are pleased to be awarded these surveys firming up the backlog over the 2018/19 winter season, after we have seen utilization of 85% and transit of 15% for the first three quarters of 2018", said Irene Waage Basili, Shearwater CEO.

The survey in the Mediterranean area covers approximately 1,300 sqkm and will utilize the Polar Empress. The contract in South East Asia covers two survey areas, totalling over 8,000 sqkm, and will be conducted by the Polar Duchess.

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:

Einar Ytredal, CEO (act.), GC Rieber Shipping, phone: +47 975 20 184

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.