GC RIEBER SHIPPING: NOK 100 MILLION FULLY UNDERWRITTEN RIGHTS ISSUE AND IMPROVED DEBT TERMS

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THE END OF THE PRESS RELEASE.

The Board of directors of GC Rieber Shipping ASA has today resolved to call for
an extraordinary general meeting in the Company and proposed that the general
meeting resolves a rights issue of NOK 100 million in the Company at a
subscription price of NOK 7.50 per share (the "Rights Issue"). The shareholders
of the Company will receive tradable rights to subscribe for new shares in the
Company in connection with the Rights Issue.

The Company's largest shareholder, GC Rieber AS, has fully underwritten the
Rights Issue and will minimum subscribe in full for its part of 70.4 percent.
Further, AS Javipa and Pelicahn AS, controlled by Paul Chr. Rieber, chairman of
the Board of the Company, will minimum subscribe for their parts, 2.3 percent
and 0.8 percent respectively.

In connection with the Rights Issue, the Company has negotiated better terms and
certain amendments to the credit facilities for the subsea fleet, including
covenant relaxations, reduction of scheduled amortization by 80% over the next
six semi-annual instalments and extension of the tenor until 31.12.2022. The
amendments are subject to credit committee approvals from the relevant banks.

The Board of GC Rieber Shipping ASA has through 2017 assessed several available
strategic options and concluded that the proposed Rights Issue will put the
Company in the best position. The Rights Issue and amended debt structure will
provide the Company with financial runway for the next three years. The
refinancing will strengthen the competitive position of GC Rieber Shipping's
subsea operations. In combination with the successful establishment of
Shearwater GeoServices AS in December 2016, this concludes the refinancing
processes initiated during the spring of 2016.

Completion of the Rights Issue will be subject to approval by the Company's
general meeting, following approval by the bank's respective credit committees.
The extraordinary general meeting in the Company will be held on Friday 26.
January 2018 at 10.00 hours (CET) at Solheimsgaten 11, Bergen (the auditorium at
Skipsbyggerhallen). The notice is attached to this stock exchange announcement.
Documents concerning items on the agenda that shall be resolved by the general
meeting have been made available at the Company's website (www.gcrieber-
shipping.com), in accordance with article 5 in the Company's articles of
association.

For further information:

CEO Christian W. Berg, phone: +47 974 05 553

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.

IMPORTANT INFORMATION

This communication may not be published, distributed or transmitted in or into
the United States, Canada, Australia or Japan. These materials do not constitute
or form a part of any offer or solicitation to purchase or subscribe for
securities of the Company in the United States, Norway or any other
jurisdiction. The securities of the Company may not be offered or sold in the
United States absent registration or an exemption from registration under the
U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The
securities of the Company have not been, and will not be, registered under the
U.S. Securities Act. Any sale in the United States of the securities mentioned
in this communication will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the U.S. Securities Act and to "major U.S.
institutional investors" under SEC Rule 15a-6 to the United States Exchange Act
of 1934. No public offering of the securities will be made in the United States.

In any EEA Member State that has implemented the Prospectus Directive, this
communication is only addressed to and is only directed at qualified investors
in that Member State within the meaning of the Prospectus Directive, i.e., only
to investors who can receive the offer without an approved prospectus in such
EEA Member State. The expression "Prospectus Directive" means Directive
2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the
extent implemented in any relevant Member State) and includes any relevant
implementing measure in the relevant Member State.

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by and, and is the responsibility of, the Company.
Carnegie AS (the "Manager") is acting exclusively for the Company and no one
else and will not be responsible to anyone other than the Company for providing
the protections afforded to their respective clients, or for advice in relation
to the contents of this announcement or any of the matters referred to herein.

Neither the Manager nor any of its affiliates makes any representation as to the
accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the Manager
nor any of its affiliates accepts any liability arising from the use of this
announcement.

Each of the Company, the Manager and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.