JUDGMENT DELIVERED BY THE NORWEGIAN SUPREME COURT

12-02-2010

The Norwegian Supreme Court has today sustained the claim by shipping companies that the transitional rules passed by the Norwegian Parliament in December 2007, concerning transition from old to new tonnage tax system, is in conflict with section 97 in the Norwegian Constitution.

As the Supreme Court judgment concludes that the tax assessment of the companies is annulled, a new tax assessment has to be carried out by the Norwegian Central Tax Office. GC Rieber Shipping awaits the decision by the Norwegian Central Tax Office, but expects that the financial consequence will be that the group's book equity is improved by approximately NOK 130 million, of which NOK 30 million includes taxes already paid.

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 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.

GC Rieber Shipping owns and operates seven advanced multifunctional special purpose vessels for defined markets within subsea, ice research and support and marine seismic. Furthermore, GC Rieber Shipping has recently acquired two subsea IMR new buildings for delivery in 2010/2011. Through a joint venture of which GC Rieber Shipping owns 51%, the group has in addition contracted two new offshore vessels for delivery in 2010. The group's strategic value chain investments include the subsea services company Reef Subsea (50% shareholding) and the seismic company Octio Group (60% shareholding). GC Rieber Shipping is also in charge of marine ship management for seven seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for two advanced seismic new buildings for PGS.

The company is headquartered in Bergen with ship management companies in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global presence. The company is listed on Oslo Børs with ticker RISH. Further information is available on the company's website: www.gcrieber-shipping.no.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

GC Rieber Shipping