Stock Exchange Notice

Date: 17 January 2020

GC Rieber Shipping: New contract, extending charter for crew-boats Polar Baikal and Polar Piltun

GC Rieber Shipping has through its 50/50 joint venture, co-owned with Russian partner Prisco entered into new 1+1 year charter agreements with Sakhalin Energy Investment Company Ltd (SEIC) for the two crew-boats "Polar Baikal" and "Polar Piltun".

The operations under the new agreements will commence in June 2020. The crew-boats will be operating in the Sea of Okhotsk, Sakhalin in Russia. The crew-boats are operated by the joint venture ship management company in Russia.

This is the second time the charter has been renewed. The vessels were originally purchased and modified by GC Rieber Shipping and Prisco back in 2009, initially entering a six-year charter with SEIC. The agreement was extended in 2015 for another five years. The new contract is for one firm season, 2020, with an option to extend for the 2021 season.

For further information, please contact:

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