GC Rieber Shipping ASA : - Appeal from PGS Geophysical (UK) Limited

Reference is made to the stock exchange announcement 3 March 2016, where it was announced that PGS Geophysical (UK) Limited's ('PGS') claim of approx. EUR 9 million against GC Rieber Shipping ASA's subsidiary Armada Seismic Invest II AS ('Armada') had been dismissed by the Bergen district court. The decision has now been appealed by the claimant, PGS.

Armada maintains its view that the claim is unfounded, which was also confirmed by Bergen district court in the first instance. Armada will continue to defend itself against the claim before the Court of Appeal, from which a judgment may be expected in 2017.

For further information, please contact:

CEO Irene Waage Basili, phone + 47 55 60 68 67 or + 47 90 09 86 88

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 13 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which the company owns 11.

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