GC Rieber Shipping - Shearwater GeoServices signs agreements with TGS for two surveys

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices
("Shearwater") has entered into agreements with TGS for two seismic surveys, one
firm and one optional. Shearwater, a 50/50 joint venture with Rasmussengruppen,
was set up during autumn 2016 with a clear growth strategy and an ambition to
capitalise of GC Rieber Shipping's solid position within the seismic industry.
These awards confirm the attractiveness of the Shearwater offering and positions
the company as a challenger in a market expected to grow in the years ahead.

Full Shearwater GeoServices release:

Shearwater GeoServices Norway AS has signed agreements with multiclient company
TGS for two surveys, one firm and one optional, in Norway. The surveys that are
scheduled to commence between March and May 2017 total approximately 15,000 sqkm
and will be performed by two of Shearwater's high end 3D vessels. The scope of
the firmly  awarded survey equals to approximately 6 vessel months and requires
a wide tow spread for which the Shearwater vessels are designed. The optional
scope equals to 4 additional vessel months.

Irene Waage Basili, CEO of Shearwater GeoServices comments "We are very happy to
be work with TGS who are a key client and a significant purchaser of geophysical
services. TGS has historically acquired many successful surveys utilizing
Shearwater's vessels. The contracts represent continuous utilization for two of
our vessels for the spring and summer season supporting our strategy to build
solid backlog for our fleet in a highly competitive marketplace. Being a newly
established company we are proud to already have built such a strong backlog
with demanding clients, demonstrating our customer's confidence in our ability
to deliver".

Shearwater GeoServices is a new marine geophysical company jointly owned by GC
Rieber Shipping ASA and RASMUSSENGRUPPEN AS and the announced agreement
represents a significant contribution to the company's order book and fueling
its ambitious growth strategy.

Shearwater GeoServices ("Shearwater") has a fleet of four modern seismic
vessels, a broad offering of high quality geophysical services including
advanced processing and acquisition techniques, and two owners with
complementing skills and collectively a long experience in the industry. In
connection with the establishment of Shearwater, GC Rieber Shipping and
Rasmussengruppen invested USD 60 million in equity.

For further information:
Einar Ytredal, CEO (act.), GC Rieber Shipping, phone: +47 55 60 68 54, or
+47 975 20 184



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
specialized competence in offshore operations in harsh environments as well as
design, development and maritime operation of offshore vessels.

GC Rieber Shipping currently owns and operates 11 advanced special purpose
vessels for defined markets within the subsea, ice/support and marine seismic
segments.

The company has its headquarter and a ship management office in Bergen, and an
additional 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 to the disclosure requirement pursuant to section
5-12 of the Norwegian Securities Trading Act.