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Regulatory press release

GC Rieber Shipping: Shearwater GeoServices publishes vessel backlog update

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Stock Exchange Notice
Date: 9 January 2020

GC Rieber Shipping: Shearwater GeoServices publishes vessel backlog update

GC Rieber Shipping ASA's 19% owned geoservices company Shearwater GeoServices (Shearwater) is pleased to announce a more than sevenfold increase in 2020 backlog to 65 vessel-months at the start of 2020, up from 9 vessel-months at the same time a year ago.

This backlog includes 24 months of the minimum commitment in the recently signed capacity agreement with CGG for two vessel-years annually over a five-year period. The backlog numbers exclude WesternGeco minimum commitment.

Please see attached full press release from Shearwater.

For further information, please contact:

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47 479 02 919

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 13 and has direct and indirect ownership in 29 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 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.

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