GC Rieber Shipping to Sell Its Stake in Reef Subsea AS

Adjusted for share of loss from Reef Subsea in the fourth quarter 2013, the sale will have a negative effect of NOK 83 million for GC Rieber Shipping in the fourth quarter. Negative effect on earnings from the investment in Reef Subsea amounts to NOK 156 million for 2013.
The sale of the stake in Reef Subsea is a consequence of GC Rieber Shippings strategic decision to focus on its core business and expertise within ownership, development and management of advanced vessels within the offshore market.
GC Rieber Shipping aims to focus on the three areas defined as our core business. We see exciting opportunities in ice/ support, subsea and also within seismic. We have to exploit our strong financial position, by selectively pursue growth opportunities we believe will provide the best return, comments CEO Irene Waage Basili.
Closing of the transaction is expected to take place as soon as the Norwegian Competition Authority has approved the transaction, or the deadline for intervention has expired. This is expected to take place in medio March 2014.
GC Rieber Shipping, January 29, 2014