GC Rieber Shipping: Claim against Armada Seismic Invest II AS dismissed

Stock Exchange Notice

Date: 13 July 2018

GC Rieber Shipping: Claim against Armada Seismic Invest II AS dismissed

Reference is made to the stock exchange announcement 29 May 2018, where it was announced that PGS Geophysical (UK) Limited ("PGS") had appealed Gulating Court of Appeal`s decision in PGS claim of approx. EUR 9 million against GC Rieber Shipping ASA's subsidiary Armada Seismic Invest II AS ("Armada") to the Supreme Court. The dispute has now been adjudicated by the Supreme Court`s appeals committee, which has rendered its decision. The Supreme Court's appeal committee ruled in favor of Armada and the claim against Armada has been dismissed. The decision is final and Armada will be refunded their legal costs of approximately NOK 7 million in connection with Bergen District Court, Gulating Court of Appeal and the Supreme Court`s appeal committee.

For further information, please contact:


Christian W. Berg, CEO, phone: +47 974 05 553

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 and has direct and indirect ownership in 11 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.

Read source: http://globenewswire.com/news-release/2018/07/13/1537091/0/en/GC-Rieber-Shipping-Claim-against-Armada-Seismic-Invest-II-AS-dismissed.html?f=22&fvtc=5&fvtv=32646628

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