The board of GC Rieber Shipping ASA (OB:RISH) announced to Spin-Off shares of Shearwater Geoservices Holding AS to its shareholders on June 12, 2023. As part of the transaction, GC Rieber Shipping will distribute 5,000,000 shares in Shearwater, equal to 1 share in Shearwater for every 17.22 shares held in GC Rieber Shipping rounded down to the nearest number of whole shares. The residual after rounding down to the nearest number which can be divided by 17.22 will be compensated in cash to the affected shareholders according to the fair value of the shares in Shearwater on the day of the transfer.

The Board of Directors will call for an extraordinary General Meeting to resolve the dividend in kind. The General Meeting will be held in August 2023.