GC Rieber Shipping - Focusing on core business and selling out of Reef Subsea AS

GC Rieber Shipping ASA has entered into an agreement to sell its stake in Reef
Subsea AS to HV V Invest Golf AS and HV V Invest Golf II AS, two investment
companies of the private equity fund HitecVision V, LP. The agreed purchase
price is NOK 175 million, which will be settled by a combination of cash and
seller's credit.

Adjusted for share of loss from Reef Subsea in the fourth quarter 2013, the sale
will have a negative effect of NOK 83 million for GC Rieber Shipping in the
fourth quarter. Negative effect on earnings from the investment in Reef Subsea
amounts to NOK 156 million for 2013.

The sale of the stake in Reef Subsea is a consequence of GC Rieber Shipping's
strategic decision to focus on its core business and expertise within ownership,
development and management of advanced vessels within the offshore market.

"GC Rieber Shipping aims to focus on the three areas defined as our core
business. We see exciting opportunities in ice/ support, subsea and also within
seismic. We have to exploit our strong financial position, by selectively pursue
growth opportunities we believe will provide the best return", comments CEO
Irene Waage Basili.

Closing of the transaction is expected to take place as soon as the Norwegian
Competition Authority has approved the transaction, or the deadline for
intervention has expired. This is expected to take place in medio March 2014.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88
CFO Einar Ytredal, tel.: +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 and project development
within the segments subsea, ice/support and 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.
GC Rieber Shipping currently operates 13 advanced special purpose vessels for
defined markets within the subsea, ice/support and marine seismic segments, of
which 10 are owned by the company. In addition, the company has one subsea
vessel under construction for delivery spring 2014, and one seismic vessel for
delivery spring 2015.
The company is headquartered in Bergen and has a 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.no.




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


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