GC Rieber Shipping has through a "club deal" with Nordea, Sparebanken Vest and
SpareBank 1 SR-Bank secured long term financing for two subsea IMR new buildings
due for delivery in 2010/2011. The USD 107 million loan facility has a 5-year
term with a 15-year profile. Including this loan facility, the two new buildings
will be approximately 75 % debt financed. Nordea is the agent for the loan
facility. The new buildings are of Skipsteknisk ST-254L CD design and are being
built at the Freire Shipyard (Spain).

For further information, please contact:
CEO Sven Rong, phone +47 55 60 68 18, or +47 90 55 49 52
CFO Hans Petter Klohs, phone +47 55 60 68 24, or +47 90 75 05 26

About GC Rieber Shipping

GC Rieber Shipping's business within offshore/shipping includes ownership in
specialized vessels, high quality marine ship management, project development
and industrial portfolio management within the segments subsea, ice research and
support, as well as marine seismic. The group has a unique competence on
offshore operations in harsh environments and design, development and maritime
operation of seismic vessels. Through strategic value chain investments the
group has substantial knowledge and experience within offshore subsea and marine
seismic.

GC Rieber Shipping owns and operates seven advanced multifunctional special
purpose vessels for defined markets within subsea, ice research and support and
marine seismic. Furthermore, GC Rieber Shipping has acquired two subsea IMR new
buildings for delivery in 2010/2011. Through a joint venture of which GC Rieber
Shipping owns 51%, the group has in addition contracted two new offshore vessels
for delivery in 2010. The group's strategic value chain investments include the
subsea services company Reef Subsea (50% shareholding) and the seismic company
Octio Group (60% shareholding). GC Rieber Shipping is also in charge of marine
ship management for seven seismic vessels owned by PGS, CGGVeritas and Fugro, as
well as project management and building supervision for two advanced seismic new
buildings for PGS.

The company is headquartered in Bergen with ship management companies in
Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides
global presence. The company is listed on Oslo Børs with ticker RISH. Further
information is available on the company's website: www.gcrieber-shipping.no.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

[HUG#1387187]

USD 107 MILLION IN LONG TERM FINANCING FOR SUBSEA IMR NEW BUILDINGS