Court dismisses EUR 9 million claim against Armada Seismic Invest II AS
The Supreme Court's appeal committee dismissed claims from PGS Geophysical (UK) Limited ("PGS") of approx. EUR 9 million against GC Rieber Shipping ASA's subsidiary Armada Seismic Invest II AS ("Armada"), according to stock exchange announcement made as of 29 May 2018. The decision is final and Armada will be refunded their legal costs of approximately NOK 7 million in connection with Bergen District Court, Gulating Court of Appeal and the Supreme Court`s appeal committee.
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, 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 and has direct and indirect ownership in 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. The company has its headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.