Stock Exchange Notice
Date: 11 December 2018

GC Rieber Shipping: Shearwater GeoServices awarded projects equivalent to 8 vessel months

GC Rieber Shipping ASA's 20% owned geoservices company Shearwater GeoServices
("Shearwater") has been awarded projects equivalent to 8 vessel months in the Arabian Sea.

Eni Oman BV in partnership with Oman Oil Company Exploration and Production has awarded Shearwater a seismic survey in Block 52, offshore Oman. The survey, due to commence later this year, will be conducted by the Polar Empress and will take approximately 3 months to complete. The survey consists of 2,500 sqkm 3D, additional 800 km 2D acquisition and data processing.

Further, Oil and Natural Gas Corporation Limited (ONGC) has awarded Shearwater a 3D broadband marine seismic acquisition contract for the planned 2018/2019 field season. The surveys will take 5 months to complete, covering approximately 2,000 sqkm, with the main streamer vessel mobilising in Q4 2018.

Irene Waage Basili, CEO of Shearwater comments: "We are proud to win these awards which represent repeat business for Shearwater, and a further deepening of our client relationships. This will be the third consecutive year that Shearwater will work for ONGC, and second for Eni. Together with the recent expansion of our fleet and technology offerings, we welcome this strong backlog which occupies our legacy Shearwater fleet through the winter season and into Q2 2019".

For further information, please contact:

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184

Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 900 98 688

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 11 and has direct and indirect ownership in 23 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.