GC Rieber Shipping ASA had a fleet utilisation of 84% in the fourth quarter of 2019, yielding a fleet utilisation of 89% for the full year 2019. The subsea & renewables and ice/support vessels have contract coverage of 79% for 2020.

GC Rieber Shipping had operating income of NOK 43.1 million in the fourth quarter of 2019, compared with NOK 70.2 million in the corresponding period of 2018. EBITDA was NOK 42.3 million, compared with NOK 273.7 million in the fourth quarter of 2018. The year-on-year decrease in EBITDA was mainly due to the non-cash gain of NOK 310 million booked in 2018 as a result of Shearwater's acquisition of WesternGeco's marine seismic business.

Net profit for GC Rieber Shipping was NOK 7.6 million in the quarter, compared with a net profit of NOK 269.4 million in the fourth quarter of 2018. Preliminary net profit for the full year 2019 was NOK 14.4 million.

"In the current market for offshore subsea and renewables, GC Rieber Shipping's high utilisation in 2019 demonstrates our ability to deliver high quality services to our customers.", said Einar Ytredal, CEO of GC Rieber Shipping. "Going forward, fleet utilization and customer satisfaction remains our key priorities for our core business. Furthermore, it is encouraging to see Shearwater strengthening its position in an improving seismic market."

Please find the report and presentation for the fourth quarter 2019 enclosed.

For further information, please contact:

Einar Ytredal, CEO, phone: +47 975 20 184
Øystein Kvåle, CFO, 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, 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 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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