GC Rieber Shipping: Exiting its business in Russia

Reference is made to the stock exchange notice 2 March 2022 regarding status update on GC Rieber Shipping`s assets in Russia.

GC Rieber Shipping is deeply concerned about Russia’s invasion of Ukraine and has started the process of exiting its business in Russia.

The crew transfer vessel Polar Baikal, previously owned 50% by GC Rieber Shipping, was sold in February 2022.

The crew transfer vessel Polar Piltun, 50% owned by GC Rieber Shipping, is currently in lay-up and GC Rieber Shipping has declined to enter into a new charter party for the vessel.

GC Rieber Shipping has also a 50% ownership in the ice-breaking tug Polar Pevek, which has operated for the same client since 2006. The Charterer of Polar Pevek has earlier this month publicly announced that it will discontinue its operations at Sakhalin. The vessel's contract is firm until September 2023, it is highly uncertain whether the contract could be terminated or discontinued at an earlier stage. Owners of Polar Pevek hold no rights to terminate the existing charter party as long as the operations comply with all sanctions.

GC Rieber Shipping will not enter into any new contracts operating in Russia.

Further, GC Rieber Shipping owns 50% of the Russian shipmanagement company that manages Polar Pevek and Polar Piltun. GC Rieber Shipping will continue to support the local staff in the best possible manner.

GC Rieber Shipping is working closely together with its partners, Charterer and local employees of the joint ventures to ensure compliance with sanctions and the safety and security of the joint venture`s personnel. 

Contact information: 

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184  

Christoffer Knudsen, CCO, GC Rieber Shipping, phone: +47 926 18 226

About GC Rieber Shipping:   

GC Rieber Shipping is a shipowner and project-house with focus on developing profitable and sustainable maritime projects.   

Further information about the company, please go to www.gcrieber-shipping.com. 

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