GC Rieber Shipping posted stable and solid results from the company's ownership
and ship management of vessels in the third quarter 2010. The operating profit
before depreciation (EBITDA) was NOK 56.6 million in the quarter, compared with
NOK 52.7 million in the corresponding quarter in 2009. "We have long term
contracts on the majority of our vessels and this secures stable and good
earnings", comments acting CEO in GC Rieber Shipping Hans Petter Klohs, and
adds: "We expect our newbuilding programme to provide improved earnings in the
longer term".

The operating income in the third quarter amounted to NOK 141.7 million,
compared to NOK 190.9 million in the corresponding quarter in 2009. Both
operating income and EBITDA are affected by loss of operating income and
earnings from Technocean and Scan Mudring, which both are reported as associated
companies as from February 2010, as well as loss of earnings from "Polar
Queen", which was sold to Acergy in June 2010. Earnings from the vessel
"Greatship Maya", which was operational from February 2010, contributed
positively.

At the beginning of November 2010 GC Rieber Shipping entered into an agreement
with Otto Marine ("Otto") to dissolve the 51/49 joint venture companies Polar
Marine I and Polar Marine II. Polar Marine I and II originally owned four
newbuilding contracts (buildings no. 7037-7040), but cancelled newbuildings
7037 and 7038 in 2009 due to substantial delays at the shipyard. In accordance
with the agreement with Otto the joint venture companies will be dissolved and
Otto will take ownership of the newbuildings 7037, 7038 and 7039. In addition
the arbitration related to newbuildings 7037 and 7038 will be withdrawn without
any costs on GC Rieber Shipping's behalf. GC Rieber Shipping will take ownership
of the IMR newbuilding 7040, at a total investment of close to NOK 300 million,
with contractual delivery date at the end of February 2011.

GC Rieber Shipping's newbuilding programme consists of five newbuildings, with a
total investment of approximately NOK 1.9 billion. The programme encompasses
three subsea newbuildings and two high-capacity seismic newbuildings with
expected delivery in the time period Q1 2011 to early 2012. "Our investments in
newbuildings in 2009 and 2010 are made at attractive terms", says Klohs, and
continues: "Even though we have not entered into any charter agreements for the
new vessels yet, we experience considerable interest for the vessels in the
market, and we are confident that the fleet renewal will enhance our earnings in
the longer term".

Key financial figures from the third quarter 2010:
* Operating income of NOK 141.7 million (NOK 190.9 million in the third
quarter 2009)
* EBITDA of NOK 56.6 million (NOK 52.7 million)
* Normalised pretax profit of NOK 13.4 million (NOK 2.8 million)
* Liquid assets and net interest bearing debt of NOK 560 million and NOK 507
million as at 30 September 2010
* Contract backlog of NOK 994 million as at 30 September 2010

For further information, please contact:

CEO (acting) Hans Petter Klohs, phone +47 55 60 68 24, or +47 90 75 05 26
VP Finance Einar Ytredal, phone +47 55 60 68 54, or +47 97 52 01 84

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 currently owns six and operates 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 newbuildings for delivery early 2011 and mid 2011, as well as one
IMR newbuilding for delivery in the first quarter 2011. GC Rieber Shipping also
owns 65 % of Armada Seismic, which owns one high-capacity seismic vessel
and has one newbuilding for delivery in the first quarter 2012. The group's
strategic value chain investments include the subsea services company Reef
Subsea (50 % stake) and the company Octio (73 % 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 nine offshore vessels for other
owners.

The company has its registered office and 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#1458710]

GC Rieber Shipping - Third quarter 2010