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GC Rieber Shipping ASA's 19% owned geoservices company Shearwater GeoServices has been awarded a seismic survey- and processing contract by Oil India Ltd, and a project by CGG in Brazil as part of the five-year capacity agreement.
The project for Oil India Ltd. is a combined 3D and 2D towed streamer seismic acquisition- and processing contract in the Andaman Sea and Kerala-Konkan coastal waters offshore India. The 1,020 sq. km 3D survey will be executed by one of Shearwater's High Capacity 3D Vessels over a period of about 45 days. Commencing in Q3 2020 the work program also comprises 8,400 km of 2D data acquisition. The project includes full 2D and 3D time processing and depth imaging by Shearwater's Processing & Imaging business.
The CGG project is for the Brazil Nebula survey extension. It will commence in July and take approximately 6 months to complete. The project will be conducted by the Oceanic Sirius.
A separate business update from Shearwater is enclosed.
For further information, please contact:
Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47 479 02 919
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 & Renewables, 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 9 and has direct and indirect ownership in 29 advanced special purpose vessels for defined markets within the Subsea & Renewables, Ice/Support and Marine Seismic segments.
The company has its headquarter and a ship management office in Bergen, and an additional 50% 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.