GC Rieber Shipping: Primary Insider Notice

Stock Exchange Notice
Date: 26th February 2018


GC Rieber Shipping: Primary Insider Notice

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE
SERVICES, OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG
SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR
JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT
THE END OF THE PRESS RELEASE

Reference is made to the on-going rights issue (the "Rights Issue") in GC Rieber
Shipping ASA ("GC Rieber Shipping" or the "Company").

GC Rieber AS is a primary insider in the Company and currently holds 30,861,735
shares in the Company. Today GC Rieber AS has exercised its subscription rights
for 9,391,999 new shares in the Rights Issue, equalling the number of
subscription rights granted to GC Rieber AS in its capacity as shareholder in
the Company.

Following the allocation of the new shares in the Rights Issue and registration
of the new shares with the Norwegian Register of Business Enterprises, GC Rieber
AS will hold 40,253,734 shares in the Company, equalling an unchanged ownership
of 70.44% of the total shares in the Company.

AS Javipa, a close associate to the chairman of the board of directors Paul-
Christian Rieber, currently holds 1,018,742 shares in the Company. Today AS
Javipa has exercised its subscription rights for 310,028 new shares in the
Rights Issue, equalling the number of subscription rights granted to AS Javipa
in its capacity as shareholder in the Company.

Following the allocation of the new shares in the Rights Issue and registration
of the new shares with the Norwegian Register of Business Enterprises, AS Javipa
will hold 1,328,770 shares in the Company, equalling an unchanged ownership of
2.33% of the total shares in the Company.

Pelicahn AS, a close associate to the chairman of the board of directors Paul-
Christian Rieber, currently holds 348,396 shares in the Company. Today Pelicahn
AS has exercised its subscription rights for 106,025 new shares in the Rights
Issue, equalling the number of subscription rights granted to Pelicahn AS in its
capacity as shareholder in the Company.

Following the allocation of the new shares in the Rights Issue and registration
of the new shares with the Norwegian Register of Business Enterprises, Pelicahn
AS will hold 454,421 shares in the Company, equalling an unchanged ownership of
0.80% of the total shares in the Company.

Einar Ytredal, chief financial officer of the Company, currently holds 8,000
shares in the Company. Today Einar Ytredal has subscribed for 10,000 new shares
in the Rights Issue by exercising of his subscription rights for 2,434 new
shares in the Rights Issue, equalling the number of subscription rights granted
to Einar Ytredal in his capacity as shareholder in the Company, and by over-
subscribing for 7,566 new shares without subscription rights.

Following the allocation of the new shares in the Rights Issue and registration
of the new shares with the Norwegian Register of Business Enterprises, and
assuming Einar Ytredal is allocated shares subscribed for in excess of the new
shares covered by his subscription rights, Einar Ytredal will hold 18,000 shares
in the Company, equalling an ownership of 0.03% of the total shares in the
Company.

Bjørn Valberg, technical director of the Company, currently holds 10,000 shares
in the Company. Today Bjørn Valberg has subscribed for 1,000 new shares in the
Rights Issue by exercising of his subscription rights for 1,000 new shares in
the Rights Issue.

Following the allocation of the new shares in the Rights Issue and registration
of the new shares with the Norwegian Register of Business Enterprises, Bjørn
Valberg will hold 11,000 shares in the Company, equalling an ownership of 0.02%
of the total shares in the Company.

For further information:

CEO Christian W. Berg, phone: +47 974 05 553
CFO Einar Ytredal, phone: +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 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 the Oslo Stock Exchange
with ticker RISH.

Further information is available on the Company's website www.gcrieber-
shipping.com.

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

***

IMPORTANT INFORMATION

This communication may not be published, distributed or transmitted in or into
the United States, Canada, Australia, the Hong Kong Special Administrative
Region of the People's Republic of China, South Africa 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 (the "Shares") in the United States,
Norway or any other jurisdiction. The securities mentioned herein, including the
subscription rights to subscribe for Shares (the "Subscription Rights"), have
not been, and will not be, registered under the United States Securities Act of
1933 (the "Securities Act"). Neither the Shares nor the Subscription Rights may
be offered or sold in the United States absent registration or an exemption from
registration under the Securities Act. Any sale in the United States of the
Shares or the Subscription Rights mentioned in this communication will be made
solely to "qualified institutional buyers" as defined in Rule 144A under the
Securities Act pursuant to transactions exempt from, or not subject to, the
registration requirements of the Securities Act.

Any offering of securities will be made by means of a prospectus to be published
that may be obtained from the Company once published, and that will contain
detailed information about the Company and its management, as well as financial
statements. These materials are an advertisement and not a prospectus for the
purposes of Directive 2003/71/EC, as amended (together with any applicable
implementing measures in any Member State, the "Prospectus Directive").

Investors should not subscribe for any Shares or acquire any subscription rights
referred to in these materials except on the basis of information contained in
the prospectus.

In any EEA Member State other than Norway (from the time the prospectus has been
approved by the Financial Supervisory Authority of Norway, in its capacity as
the competent authority in Norway, and published in accordance with the
Prospectus Directive as implemented in Norway) 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
Article 2(1)(e) of the Prospectus Directive ("Qualified Investors"), i.e., only
to investors to whom an offer of securities may be made without the requirement
for the Company to publish a prospectus pursuant to Article 3 of the Prospectus
Directive in such EEA Member State.

In the United Kingdom, these materials are only being distributed to and are
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 communication relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons.

Carnegie AS is acting for GC Rieber Shipping ASA and no one else in connection
with the rights issue and will not be responsible to anyone other than GC Rieber
Shipping ASA for providing the protections afforded to their respective clients
or for providing advice in relation to the rights issue and/or any other matter
referred to in this communication.

This communication and any materials distributed in connection with this
communication may contain certain forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because they reflect GC
Rieber Shipping ASA's current expectations and assumptions as to future events
and circumstances that may not prove accurate. A number of material factors
could cause actual results and developments to differ materially from those
expressed or implied by these forward-looking statements, including the risks
and uncertainties to be set out in the prospectus.