Date: 11 April 2019

GC Rieber Shipping: Shearwater Awarded Multi-Project Marine Seismic Acquisition Contract by Shell


Stock Exchange Notice
Date: 11 April 2019

GC Rieber Shipping: Shearwater Awarded Multi-Project Marine Seismic Acquisition Contract by Shell

GC Rieber Shipping ASA's 20% owned geoservices company Shearwater GeoServices ("Shearwater") is pleased to announce the award of a multi-project marine seismic 3D and 4D acquisition contract by Shell International Exploration & Production B.V. ("Shell").

The contract covers four separate surveys; three in the North Sea and one off the coast of Western Australia. The surveys are expected to provide a total of 5 vessel-months of utilization in 2019.  

"We are very pleased with the award of this significant acquisition contract for exploration and production seismic by Shell," said Irene Waage Basili, the CEO of Shearwater GeoServices. "Our clients remain cost focused. The award represents an innovative contract structure which enables us to achieve additional cost efficiencies and share the benefit with our client. As the leading acquisition specialist, driving operational efficiencies and cost savings within acquisition is at the core of our business."

In the North Sea, the Polar Empress will execute a 4D survey on the Ormen Lange field of Norway and 3D surveys on the Greeves and Blue Water fields in the UK sector. The Ormen Lange 4D project will be Shearwater's first at the field and is a large 1000 km2 survey with 16 streamers over a period of 2 months starting late Q2. The Greeves and Blue Water 3D surveys will take approximately 1 month to complete, using FlexiSource triple source technology.

In Western Australia, the Polar Duchess will execute the Factory 3D survey over a 2 month period covering over 3,000 km2. The project will commence in the second half of 2019.

For further information:
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 50% 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.