Operating income from continuing operations was NOK 0.3 million in the first
quarter of 2023, compared to NOK 0.6 million in the corresponding period of
2022. EBITDA from continuing operations was positive NOK 41.2 million, including
recycled foreign currency translation differences of NOK 61.6 million, all
related to the purchase of the remaining 50% of Polar Circle and the
accompanying change of accounting principle. For comparison EBITDA in the first
quarter of 2022 was negative NOK 53.3 million including loss from joint ventures
of NOK 45.8 million. Net profit from continuing operations was NOK 19.5 million
in the first quarter of 2023. Net profit from continuing operations was negative
NOK 4.4 million in the corresponding period of 2022.

There were no profit/loss from discontinued operations in the first quarter of
2023, compared with a profit of NOK 272.2 million in the first quarter of 2022
including recycled foreign currency translation differences of NOK 279.9
million.

We are pleased to see the continuing positive development in the offshore wind
market. Our Windkeeper newbuild project is progressing well and we look forward
serving the offshore wind industry offering reduced emissions and improved
operational performance, Einar Ytredal, CEO of GC Rieber Shipping comments.

Please find the report and presentation for the first quarter 2023 enclosed.

Contact information:

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

Silje Tonning Søgnen, CFO,GC Rieber Shipping, phone: +47 977 61 023

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.