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2019-02-25 08:00 CET
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GC Rieber Shipping: Shearwater GeoServices awarded three 4D contracts by Equinor

Stock Exchange Notice
Date: 25 February 2019

GC Rieber Shipping: Shearwater GeoServices awarded three 4D contracts by Equinor

GC Rieber Shipping ASA's 20% owned geoservices company Shearwater GeoServices ("Shearwater") is pleased to announce the award of three 4D seismic surveys by Equinor AS ("Equinor") to be conducted this summer. The projects confirm Shearwater's Isometrix crews will be active in 2019, on 4D projects in the North Sea and Barents Sea. Together with the recent announcement of 3 OBN 4Ds this brings Shearwater's announced 2019 4D awards to 6 projects, confirming its market leading position in 4D.

Equinor has awarded Shearwater a multi-project contract, with three surveys to be conducted in 2019 at the Kvitebjørn & Valemon, Visund and Snøhvit fields. The first survey is scheduled to start in Q2 and the total duration for the three 2019 projects is estimated at around 3 months. The surveys will be conducted by Shearwater's Amazon Conqueror and SW Amundsen.

"We see a clear increase in activity in the 4D market in 2019, and we are very pleased to see a leading purchaser of 4D seismic choosing Shearwater's Isometrix technology for their 4D surveys. Shearwater has decades of innovation and crew experience in 4D and it is important to see this capability selected by established clients" said Irene Waage Basili, the CEO of Shearwater GeoServices.

Shearwater's leadership in 4D is based on over 20 years investment and experience in 4D source and streamer position, fleet and towing equipment, and sensor technologies. Isometrix is the most advanced multi-component system developed allowing true 3D deghosting. Shearwater crews are appreciated for their high experience in 4D surveys.

For further information:
Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 900 98 688

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 11 and has direct and indirect ownership in 23 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 Oslo Børs with ticker RISH.

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

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

HUG#2236203