Date: 6 February 2019

GC Rieber Shipping: Shearwater GeoServices awarded four Ocean Bottom Seismic contracts by Aker BP and Equinor filling backlog for the North Sea for two vessels


Stock Exchange Notice
Date: 6 February 2019

GC Rieber Shipping: Shearwater GeoServices awarded four Ocean Bottom Seismic contracts by Aker BP and Equinor filling backlog for the North Sea for two vessels

GC Rieber Shipping ASA's 20% owned geoservices company Shearwater GeoServices ("Shearwater") is pleased to announce the award of four Ocean Bottom Seismic (OBS) surveys by Aker BP ASA ("Aker BP") and Equinor ASA ("Equinor"). The projects will be executed by two of Shearwater's multi-purpose vessels using proprietary technology during the 2019 North Sea summer season. 

"We are excited to be chosen by two major petroleum exploration and production (E&P) companies to execute these surveys and leverage our proprietary OBS acquisition system, state-of-the-art vessels and experienced crews," said Irene Waage Basili, the CEO of Shearwater GeoServices.

Aker BP has awarded Shearwater a multi-year OBS contract, with the first three surveys to be conducted in 2019 at the Frosk, Ivar Aasen and Valhall fields. The first survey is scheduled to start in Q2 and the total duration for the three 2019 projects is estimated at around 4 months.    

Equinor has awarded Shearwater an OBS survey over the Gullfaks field in Norway, with start-up in Q3 and an estimated duration of 1 month.

"These awards secure backlog for the full North Sea summer season for two of our OBS vessel platforms and cementing our strong position in the OBS market. We are pleased to see strategically important customers acknowledge this position by awarding additional projects for follow-on seasons," said Irene Waage Basili.

Shearwater will utilise the Multi-Purpose Vessels WG Tasman and WG Cook on the surveys, using the in-house developed Q-Seabed OBS system, and with Shearwater's experienced OBS crews.

For further information, please contact:

Einar Ytredal, CEO, 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 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 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.