GC RIEBER SHIPPING - FINANCING FOR "GEO EXPLORER"

11.12.2008

GC Rieber Shipping's subsidiary Hexio has financed the acquisition of the seismic research vessel "Geo Explorer" through a USD 16.7 million long term loan facility with DnB NOR Bank as lender.

"Geo Explorer" is a 2D/source vessel, currently on time charter to Fugro Geoteam until March 2009. The vessel, which was acquired in July 2008, has now been financed through a USD 16.7 million long term mortgage loan with DnB NOR Bank as lender.

About GC Rieber Shipping:
GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management, project development and industrial portfolio management within the segments offshore subsea, ice research and support, as well as marine seismic. The group has a unique competence on offshore operations in harsh environments and design, development and maritime operation of seismic vessels. Through strategic value chain investments the group has substantial knowledge and experience within offshore subsea and marine seismic.

Image Caption: Geo Explorer was purchased by GC Rieber Shipping AS in May 2008. The 2D seismic vessel was built in 1988 and is now on a contract to seismic contractor Fugro Geoteam until 1st March 2009. Image by GC Rieber Shipping ASA

GC Rieber Shipping