GC Rieber Shipping: Update to key information relating to dividend in kind

28 Aug 2023 12:22 CEST

We refer to the previous notifications on 8, 15 and 21 August 2023, about notice
of Extraordinary General Meeting and proposal for distribution of additional
dividend in kind.

As announced 21 August 2023 Shearwater Geoservices Holding AS ("Shearwater")
notified shareholders of a proposal for 1) approval of a share capital increase
in Shearwater in order to facilitate for a subsequent reverse share split and 2)
do a reverse share split in the ratio 200:1, so that 200 shares in Shearwater is
consolidated into one share.

On Friday 25 August 2023 an extraordinary general meeting in Shearwater was held
and the proposed capital increase and reverse split of shares were approved. The
resolution was formally registered at the Register of Business Enterprises (Nw:
"Foretaksregisteret") on 28 August 2023.

Due to the reversed split in Shearwater the shareholders in GC Rieber Shipping
ASA ("Company") will receive one Shearwater share for every 3,443.50 shares they
own in the Company. If a shareholder holds less than 3,443.50 shares in the
Company, a cash amount corresponding to the financial value of the shares in
Shearwater owned by the relevant shareholder is distributed. This also applies
to surplus shares after the individual shareholders' existing share holdings in
the Company have been divided by 3,443.50. Following the reverse split of shares
in Shearwater, the value of one Shearwater share is now NOK 21 760.

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 published in accordance with the requirements of the
Continuing Obligations.

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

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