Date: 9 May 2019

GC Rieber Shipping: Completed Sale of Ernest Shackleton

Stock Exchange Notice
Date: 9 May 2019

GC Rieber Shipping: Completed Sale of Ernest Shackleton

(Reference is made to stock exchange notice on 25 March 2019.)

GC Rieber Shipping has completed the process of redelivery and sale of the icebreaking research vessel «Ernest Shackleton» to the new owner Istituto Nazionale di Oceanografia e di Geofisica Sperimentale (OGS).

The redelivery of the vessel from British Antarctic Survey (BAS) marked the end of a nearly 20-year relationship between British Antarctic Survey and GC Rieber Shipping.

Ernest Shackleton was developed by GC Rieber Shipping based on decades of icebreaker experience and built at Kværner Kleven Leirvik in Norway in 1995. The vessel, initially named Polar Queen, traded from delivery to 1999 in the North Sea offshore market before starting its service with BAS in the second half of 1999. She was officially renamed the "RRS Ernest Shackleton" in May 2000 by the Honourable Alexandra Shackleton, granddaughter of the famous polar explorer.

"We have truly enjoyed the good relationship with BAS and our arrangements have been mutually beneficial. The Ernest Shackleton has been chartered back to GC Rieber Shipping during North Sea summer seasons, providing GC Rieber Shipping with flexible tonnage during periods of high demand and BAS with additional charter hire" said Christoffer Knudsen, Chief Commercial Officer at GC Rieber Shipping.

CEO of GC Rieber Shipping, Einar Ytredal commented: "We are pleased to see part of our legacy fleet finding a good home with OGS. The vessel's unique capacities will serve her new owners in years to come. At the same time, a long-standing and solid working relationship with British Antarctic Survey comes to an end. It has been a pleasure working with BAS through two decades where GC Rieber Shipping's ability to develop high-end assets has been tested. We wish BAS all the best in the future and extend the same wishes to OGS when they now take over this unique vessel."

For further information, please contact:
Einar Ytredal, CEO, phone: +47 975 20 184
Christoffer Knudsen, CCO, phone: +47 926 18 226

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 22 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, with an additional 50% owned 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

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.