GC Rieber Shipping: Shearwater GeoServices awarded ONGC survey

Stock Exchange Notice
Date: 15. November 2017

GC Rieber Shipping: Shearwater GeoServices awarded ONGC survey

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices
("Shearwater") has been awarded a 3D broadband marine seismic acquisition
contract by ONGC for the planned 2017/2018 field season. The surveys are
expected to take approximately five months with the main streamer vessel
mobilizing to the APAC Region in the fourth quarter 2017.

Irene Waage Basili, CEO of Shearwater comments: "This is the second consecutive
year Shearwater will work for ONGC.  A pleased customer is a repeat customer and
we see this award as a testament of the quality of the deliverables from the
Shearwater organization. We know the operational area well and in the
challenging market we are all experiencing today, we are very pleased to have
secured this contract which gives us full utilization for one of our vessels
through the winter season."

Shearwater GeoServices is a marine geophysical services company jointly owned by
GC Rieber Shipping ASA and RASMUSSENGRUPPEN AS.  The company 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.

"Shearwater has been operative since December 2016 and performance during the
first year has exceeded the plans that formed the basis for establishing the
company.  We are proud to say that we have been able to maintain our solid
financial platform despite a very challenging market situation through 2017",
says Irene Waage Basili.



For further information:

Christian W. Berg, CEO, GC Rieber Shipping, phone: +47 97 40 55 53

Irene Waage Basili, CEO, Shearwater GeoServices, phone: +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 specialized competence in offshore operations in harsh
environments as well as design, development and maritime operation of offshore
vessels.

GC Rieber Shipping currently operates and has direct and indirect ownership in
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 requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.