GC Rieber Shipping enters into a three-year time charter agreement for subsea vessel Polar Queen

GC Rieber Shipping ASA has entered into a new time charter agreement with Boa
Marine Services Inc. (BMSI) for the CSV "Polar Queen" for a fixed period of 3
years. The new time charter agreement will be a continuation of BMSI's existing
charter for the same vessel and will commence April 2015. BMSI has chartered
"Polar Queen" since October 2012.  Boa Marine Services Inc. is a US subsidiary
of the Norwegian owned Boa Group. The charter agreement holds options for up to
three years extensions for BMSI.

"GC Rieber Shipping has had a strong and good relationship with Boa Marine
Services Inc. under the current contract. We look forward to extending and
further build our cooperation with Boa Marine Services Inc. in the years to
come" says CEO Irene W. Basili in GC Rieber Shipping.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88


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 14 advanced special purpose vessels for
defined markets within the subsea, ice/support and marine seismic segments, of
which 11 are owned by the company. In addition, the company has 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.com.


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


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