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GC Rieber Shipping ASA : GC Rieber Shipping sells the ice-breaker "HMS Protector"

09/26/2013 | 11:37am US/Eastern
Date: 26 September 2013

GC Rieber Shipping sells the ice-breaker "HMS Protector"


GC Rieber Shipping has entered into an agreement with the UK Ministry of Defence (MoD) on the sale of the in house designed ice-breaker "HMS Protector". This vessel has been on a bareboat charter to the buyer since the spring of 2011. The sale provides GC Rieber Shipping with an accounting gain of about NOK 370 million, while the cash effect is NOK 485 million.

GC Rieber Shipping is a leading international player in the segment for advanced operations in difficult ice conditions. "HMS Protector" (ex "Polarbjørn") was purpose-built in 2001 for long expeditions to the Antarctic and for subsea assignments offshore.

The UK MoD, a long standing client of GC Rieber Shipping, has been using the ship as an icebreaker and patrol vessel for the Royal Navy in the South Atlantic and the Antarctic since 2011. It has also provided support for UK Foreign & Commonwealth Office and British Antarctic Survey. "HMS Protector" is the second vessel which MoD has chartered and later purchased from GC Rieber Shipping. The first one being "HMS Endurance".

Irene Waage Basili, CEO of GC Rieber Shipping, comments: "We are very satisfied with the collaboration we have had with the MoD. They are highly professional and we have found them both challenging and rewarding to work with. We are known for having highly technical vessels and unique expertise for operations in icy waters and we see this transaction as an acknowledgement that a long-term customer is so satisfied that it wants to own our vessel. New investments in the ice segment are very interesting for us going forward."

As part of the sale contract, GC Rieber Shipping will continue to support the vessel on a Contractor Logistic Support agreement for 1 year.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88
CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 97 52 01 84

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 unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels.

GC Rieber Shipping currently operates 15 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which 10 are owned by the company. In addition, the company has one subsea vessel under construction for delivery spring 2014, and one seismic vessel for delivery spring 2015.

The company is headquartered in Bergen with ship management companies in Sevenoaks (UK) and 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.no.

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

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