GC Rieber Shipping sells its vessel

GC Rieber Shipping has entered into an agreement to sell the IMR vessel Polar King, built at Freire Shipyard in 2011. Due to the sale, an impairment of approximately USD 5 million for Polar King is expected to be recognized as per 30.06.2020. Proceeds from the sale will be used to repay the vessel's outstanding debt in full.

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.