ESTABLISHMENT OF REEF SUBSEA AS - JV BETWEEN GC RIEBER SHIPPING AND HITECVISION

1 February 2010

GC Rieber Shipping and the private equity investor HitecVision has, in line with the stock exchange notice on 22 October 2009, established the 50/50 owned company Reef Subsea AS. Reef Subsea has received a capital injection of NOK 195 million and will as part of the transaction take over GC Rieber Shipping's investments in the geotechnical company Bluestone Offshore Pte Ltd (Bluestone) and the subsea service company Technocean AS, including the subsidiary Scan Mudring (Technocean).

Reef Subsea has in parallel contributed USD 17.5 million in new equity to the subsidiary Bluestone (94 % shareholding), which allows a restructuring of Bluestone's balance sheet. Furthermore, Reef Subsea has committed to subscribe in a planned NOK 75 million share issue in the subsidiary Technocean (58 % shareholding). Bluestone and Technocean, including the subsidiary Scan Mudring, will thus get a solid financial capacity for further growth within the company's niches.

Bluestone has, also as described in the stock exchange notice of 22 October 2009, entered into a time charter agreement with a subsidiary of GC Rieber Shipping for the vessel "Greatship Maya". The outfitting of "Greatship Maya" as a modern and well-equipped geotechnical vessel is now complete, and the vessel is ready to go on its first two-months contract, which concerns geotechnical surveys offshore Australia for the client NERC.

About the companies:

GC Rieber Shipping owns and operates seven advanced multifunctional special purpose vessels for defined markets within offshore subsea, ice research and support as well as the marine seismic segment. Furthermore, GC Rieber Shipping has recently acquired two subsea IMR newbuldings for delivery in 2010/11 and has through a 51% owned joint-venture company two offshore support new buildings for delivery in 2010. The company's strategic value chain investments comprise the subsea contractor Reef Subsea (50 % stake) and Octio Group, which specializes in permanent monitoring of oil fields (60 % stake). The Company is headquartered in Bergen with ship management companies in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provide a global presence. The Company is listed on Oslo Børs with ticker RISH.

HitecVision is one of Europe's largest private equity investors specializing in the oil and gas sector. HitecVision currently manages two funds with a total committed capital base of about NOK 7 billion, for leading investors in Norway and internationally. The funds invest in growth companies in the oil and gas sector. With roots back to the mid-1980s, the HitecVision team has established or invested in more than 70 companies and made over 60 exits, including seven IPOs. HitecVision has 27 employees divided between Stavanger (head office), Oslo, Aberdeen and Houston.

Reef Subsea AS is owned by GC Rieber Shipping (50%) and HitecVision (50%) and will be the majority shareholder in the geotechnical company Bluestone Offshore Pte Ltd (Bluestone) and the subsea services company Technocean AS, including its subsidiary Scan Mudring (Technocean).

Bluestone Offshore is a deepwater offshore geotechnical survey services company based in Singapore. Geotechnical Survey Services involves drilling, sampling and analysis of the seafloor to provide data to oil companies and engineering companies for the design of subsea facilities and anchors for oil rigs and other floating facilities.

Technocean, based in Norway, provides subsea inspection, maintenance and repair, survey and light construction support services. It currently has one CSV vessel on long term contract in the North Sea and is well positioned to expand the fleet to build a presence in West Africa and Brazil.

Scan Mudring is a wholly-owned subsidiary of Technocean and is a specialist provider of subsea dredging services. The company has a track record of executing successful projects in deep water, with difficult operating conditions and in areas with restricted access.

GC Rieber Shipping