We refer to the previous notifications on 8 and 15 August 2023, about notice of Extraordinary General Meeting and proposal for distribution of additional dividend in kind.

Shearwater Geoservices Holding AS has notified shareholders of a proposal for 1) approval of a share capital increase in the company in order to facilitate for a subsequent reverse share split and 2) do a reverse share split in the ratio 200:1, so that 200 shares in the Company is consolidated into one share.

The proposal will be dealt with at the general meeting of Shearwater Geoservices Holding AS on 25 August 2023. If the reverse split is completed by 29 August 2023, shareholders in the Company will receive one Shearwater share for every 3 444 shares they own in the Company. If a shareholder holds less than 3 444 shares in the Company, a cash amount corresponding to the financial value of the shares in Shearwater owned by the relevant shareholder is distributed. This also applies to surplus shares after the individual shareholders' existing share holdings in the Company have been divided by 3 444. Value per Shearwater share is now NOK 108.80, a reverse split in the ratio 200:1 will increase the value of the Shearwater share accordingly to NOK 21 760. GC Rieber Shipping is monitoring the situation in Shearwater.

Contact information:

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184 
Silje Tonning Søgnen, CFO, GC Rieber Shipping, phone: +47 977 61 023

About GC Rieber Shipping:  

GC Rieber Shipping is a shipowner and project-house with focus on developing profitable and sustainable maritime projects.  

Further information about the company, please go to www.gcrieber-shipping.com.  

This information is published in accordance with the requirements of the Continuing Obligations.

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

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