GC RIEBER SHIPPING - SUCCESSFUL PRIVATE PLACEMENT OF SHARES IN ARMADA SEISMIC

On 10 June 2010, GC Rieber Shipping ASA (RISH) announced that it had entered
into an agreement to acquire two high capacity seismic newbuildings from the
Factorias Vulcano Yard.

In connection with the acquisition, RISH has established a new stand alone
entity, Armada Seismic. In order to equity finance the acquisition of the two
vessels, Armada Seismic has raised NOK 450 million in a private placement fully
underwritten by RISH. The private placement attracted solid interest from
domestic institutional investors.

The placement is conditional on successful renegotiation of the parent company
guarantee from RISH relating to Armada Seismic's current financing. Such
renegotiation is expected to be concluded on or about 28 June, 2010. After the
completion of the private placement, RISH retains approximately 65 % in Armada
Seismic.

Carnegie acted as lead manager and sole book runner in the transaction. DnBNOR
Markets acted as co-lead manager.


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/support, as
well as marine seismic. The group has a unique competence in offshore operations
in harsh environments as well as design, development and maritime operation of
seismic vessels.  Through strategic value chain investments the group has
substantial knowledge and experience within subsea and marine seismic.

GC Rieber Shipping owns six and operates currently seven advanced
multifunctional special purpose vessels for defined markets within the subsea,
ice/support and marine seismic segments. Furthermore, GC Rieber Shipping has two
subsea IMR/CSV new buildings for delivery late 2010 and mid 2011. Through a
joint venture of which GC Rieber Shipping owns 51%, the group also has two new
offshore vessels for delivery in 2010. GC Rieber Shipping has also acquired two
high capacity seismic new buildings for delivery in Q3 2010 and Q3 2011
respectively. The group's strategic value chain investments include the subsea
services company Reef Subsea (50 % stake) and the company Octio (60% stake)
which is in the business of permanent monitoring of existing oil fields. GC
Rieber Shipping is also in charge of marine ship management for seven seismic
vessels and one subsea vessel owned by PGS, CGGVeritas, Fugro and Acergy.

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#1427209]