GC Rieber Shipping - The UK Ministry of Defence charters the "Polarbjørn" for three years

29-03-2011

GC Rieber Shipping has entered into a three-year charter agreement with the UK Ministry of Defence ("MoD") for the vessel "Polarbjørn". The contract commences medio April 2011 and expires in March 2014. The contract with MoD will in combination with the recently announced charter agreement for the CSV "Polar King" generate an annual EBITDA of about NOK 125 million.

The "Polarbjørn" is purpose-built for undertaking both long duration Antarctic expeditions and offshore subsea support duties. With her large public areas, accommodation capacity, helicopter deck and DP2 class, the vessel is well suited for undertaking base ship functions on offshore fields and other operations. The vessel's large deck areas and cargo holds offer "unlimited" storage capacity for ROV and related equipment. The vessel's 50 ton knuckle boom crane and the A-frame offer efficient solutions for handling equipment over the side and over the stern. The "Polarbjørn" has for the past 2 - 3 years been operating in the spot market.

CEO in GC Rieber Shipping, Irene Waage Basili, comments: "We are honoured to be awarded such a prestigious contract by the UK MoD which appreciates the unique design and operational features of the vessel for operations in harsh environments. The contract with the MoD offers a solid revenue stream from the vessel going forward".

As a consequence of the contract with the UK MoD, the "Polarbjørn" will be renamed the "HMS Protector". The "HMS Protector" will be used as a replacement for the icebreaker "HMS Endurance", which has been operating as an ice patrol ship for the Royal Navy in the South Atlantic and the Antarctic. The "HMS Protector" will also support the British Antarctic Survey in Antarctica.

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 subsea, ice/support, as well as marine seismic. The group has a unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels. Through strategic value chain investments the group has substantial knowledge and experience within subsea and marine seismic.

GC Rieber Shipping currently owns six and operates seven advanced multifunctional special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. GC Rieber Shipping has two subsea IMR/CSV newbuildings for delivery in 2011. GC Rieber Shipping also owns 65 % of Armada Seismic, which owns one high-capacity seismic vessel and has one newbuilding for delivery in the first quarter 2012. The group's strategic value chain investments include the subsea services company Reef Subsea (50 % stake) and the company Octio (73 % stake) which is in the business of permanent reservoir monitoring. GC Rieber Shipping is also in charge of marine ship management for nine offshore vessels for other owners.

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

GC Rieber Shipping