GC Rieber Shipping
GC Rieber Shipping: Ship management agreement with Nexans and extension of Polar King (GlobeNewswire)

2019-07-31 10:00

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

Date: 31 July 2019

GC Rieber Shipping: Ship management agreement with Nexans and extension of Polar King

GC Rieber Shipping (RISH) has agreed with Nexans Skagerrak AS, a wholly owned subsidiary of Nexans Norway AS, to enter into a ship management agreement for the cable laying vessel Nexans Skagerrak. The agreement also includes management of the Nexans’ state of the art cable laying vessel Nexans Aurora once it gets delivered from Ulstein yard in 2021.

The agreement is expected to be executed in Q3 2019 and hand over of the vessel to RISH to take place in September 2019.

The addition of these two vessels grows RISH fleet of specialised vessels, managed on behalf of third-party owners, from six to eight. These come in addition to the RISH owned fleet.

In addition to the ship management agreement, RISH and Nexans have agreed to an extension of ongoing charter of CSV Polar King by up to two months. The vessel has been on charter with Nexans since January 2017 and were originally set to come off chart in August, the charter will now continue until medio October.

“We are proud, that we through the Polar King charter and our close operational relationship, have been selected as ship management provider for Nexans Norway’s highly advanced cable laying vessels. We look forward in developing our partnership and servicing Nexans in the coming years” said GC Rieber Shipping CCO, Christoffer Knudsen in a statement.

GC Rieber Shipping CEO, Einar Ytredal commented: “GC Rieber Shipping has a long history being entrusted with management of advanced vessels from other owners. We look forward to expanding our third-party fleet by servicing Nexans as we now broaden the scopes of our partnership.”

For further information, please contact:
CEO Einar Ytredal, phone +47 55 60 68 00, or +47 97 52 01 84
CCO Christoffer Knudsen, phone +47 55 60 68 00, or +47 926 18 226

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 11 and has direct and indirect ownership in 22 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, with an additional 50% owned 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.

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