GC Rieber Shipping : 2023

Annual Report 2023

GC Rieber Shipping

SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

CEO-letter

I am thrilled to see our Windkeeper newbuilding's taking shape. This marks a significant milestone as it is our first project following the transition from a fully integrated vessel owning company to a dynamic project house. Our Windkeeper vessels achieved crucial milestones during the construction process in 2023 and are steadily progressing toward delivery in the first half of 2025. Our dedicated project management team closely oversees every aspect of the build.

At GC Rieber Shipping, sustainability is deeply ingrained in our overall project house strategy. We strive to develop profitable and environmentally responsible maritime projects while upholding our legacy of managing complex customer requirements, adopting cutting- edge technologies, and thriving in challenging environments. Our culture, encapsulated by the vision of "Creating Joint Future," drives us to continually raise standards and foster strong partnerships with all stakeholders.

In December 2023, GC Rieber AS acquired full ownership of GC Rieber Shipping, resulting in the Company's delisting from Oslo Børs. This strategic move underscores our commitment to expanding into new business areas and services within the renewable sector. Furthermore,

we reduced our oil exposure by distributing the remaining 8.5% shares in Shearwater Geoservices Holding to our shareholders.

As the offshore wind industry grows, and decarbonization projects gain momentum, I eagerly look forward to witnessing the final stages of the Windkeeper vessel construction. Simultaneously, we remain engaged in other exciting maritime project opportunities.

EINAR YTREDAL

CEO

Foto: Helland Eirin

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SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

ESG-report

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SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

Sustainability Report 2023

GC Rieber Shipping is strongly committed to corporate social responsibility and sustainability through its entire operation. Efforts to develop operations, practices, and investments to minimize effect on the environment and enhance social responsibilities are a constant priority.

GC Rieber Shipping has embedded sustainability in its overall strategy with the goal of develop profitable and sustainable maritime projects and owning ships. Preserving the Groups heritage

of managing complex customer requirement, adopting the newest technologies, and operating in harsh environments, is important going forward. As the vision of the Group states "Creating Joint Future", GC Rieber Shipping's culture embraces the need to constantly pushing standards further and are an essential part of the partnership and collaboration with all stakeholders.

GC Rieber Shipping embarked on a new strategic journey in 2020, with sustainability as a key focus area. The Group has been working to reduce its reliance on oil and to expand its core activity in the offshore renewable energy sector. This entails many new challenges and opportunities as the market demands more sustainable and innovative solutions. GC Rieber Shipping is well prepared to face the future developments in the industry.

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SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Highlight of 2023

GC Rieber Shipping is proud to announce several milestones achieved in 2023, reflecting its commitment to sustainability and strategic transformation. The following events are some of the highlights of the year for the Group.

In May, Windkeeper underwent a comprehensive life cycle assessment, conducted by a third- party expert, to measure the GHG emissions from cradle to grave. The assessment covered the construction, operation, maintenance, and end-of-life phases of these vessels, providing valuable insights for future decision-making.

In June, the Steel Cutting Ceremony marked the birth of the first Windkeeper newbuild, a testament to years of tireless development and boundless innovation finally taking shape. Steel cutting was celebrated with ceremony at the site of the shipyard in Turkey.

Also in June, GC Rieber Shipping selected Stödig Ship Management as ship management provider for the Windkeeper vessels. After a rigorous tender process, Stödig was chosen due to their track record of operating service operation vessels, strong local presence, and quality approach to ship management.

In September, GC Rieber Shipping participated in Startup-lab's 2030 Summit for the first time, presenting its "climate headache". It was an eventful day, with the opportunity to meet many innovative green-tech startups.

In November, GC Rieber Shipping's company WK Chartering AS obtained the ISO 9001 certification for Quality Management Systems. This was an important step in preparing for the operation phase of the Windkeeper vessels.

Finally, in December GC Rieber AS bought the remaining shares in GC Rieber Shipping ASA, making GC Rieber the sole owner of the company. Consequently, GC Rieber Shipping was delisted from Oslo Børs.

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

Mai			June				June
Life Cycle		Steel Cutting			Selection of
Screening of		Ceremony			Ship Manager
Windkeeper		for Windkeeper

September			November				December
Climate Headache		ISO 9001			GC Rieber Group
at 2030 Summit		Certification			acquired full ownership
			of Windkeeper			of GC Rieber Shipping

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Sickness absence rate is the

number of days of absence due to sickness divided by possible days of work, in 2023.

Sickness Absence Rate

PERCENT

Number of recorded hours of employee training in 2023

Number of hours employee training

TOTAL HOURS

SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Financial Statement

GC Rieber Shipping

Holding AS

Performance Highlights 2023

8 800

HOURS

Number of Hours of

R&D

Number of recorded hours of R&D

in 2023.

0

LTIR

Lost Time Injury Rate

Lost Time Injury rates is the

number of lost-time injuries per

worked hours, in 2023.

ESG Strategy

GC Rieber Shipping has strategically aligned

961 its approach with the UN Sustainable Development Goals (SDGs) to set a clear direction for the future. Collaborating with stakeholders, the Group has developed a strategy that emphasizes environmental, social, and governance (ESG) subjects relevant to its business operations. As part of this journey,

GC Rieber Shipping will adapt to the Corporate Sustainability Reporting Directive (CSRD) in its next year's reporting. Although the main content of materiality assessment areas will remain

0.38 consistent, the sub-areas will become more concise. This shift will enhance transparency and comparability in GC Rieber Shipping's annual and sustainability reports. The Group welcomes this change as it provides clear guidance for reporting and reinforces their commitment to sustainable maritime solutions.

Materiality Assessment

stakeholder versus significance of environmental, social and economic impact. Using double materiality, the Group has assessed how the company affects its surroundings, in addition to how the company itself is affected by its surroundings.

In dialogue with the stakeholders, all had high expectations for GC Rieber Shipping when it comes to sustainability. The Group's role to contribute to the green shift, improving green tech and how the sector can be improved, were some of the main topics of discussion. In addition, as GC Rieber Shipping continuously adapts its way of working, improving systems, and develops its competence of sustainability, stakeholders expect the Group to set clear goals and follow up on these goals. In the report for 2023, GC Rieber Shipping has adapted this feedback and has implemented key figures on each material topic. This includes a full account of GHG Emission, specific KPI's on the Company's activities and measurements inspired by CSRD.

Auditor's Report

Appendix

941		14.5
tCO2e	tNOx
Scope 1		NOx
Metric ton CO2 equivalents		Metric ton NOx emitted in 2023.
emitted in 2023. Scope 1 consist		NOx is based on fuel consumption
of company fuel emissions.		during 2023.

In alignment with the overall strategy, four main material areas were defined:

• R&D for Decarbonized Transition
• Business Ethics & Transparency
• Environmental Strategy & Target Setting
• Responsible Ship Recycling & Waste Management

In collaboration with GC Rieber Shipping's stakeholders, several sub-areas were assessed and scored on significant and influence of the

Regarding social responsibility, the stakeholders pointed out the highly invested work by GC Rieber Group and GC Rieber Shipping towards the social part of sustainability. GC Rieber Group has since 2010 been part of UN Global Compact, where GC Rieber Group and all its affiliated companies are obligated to proactively work to include UN Global Compacts ten principles into their business model. As indicated by the stakeholders, they see a great experience

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SHORTCUTS

Letter from the CEO

ESG Report

transfer within the GC Rieber Group, where all contribute to recycling, and developing internal resources and competence of the employees. Though a positive view from GC Rieber Shipping's stakeholders on the social aspect, it is still important to continue to actively work to safeguard human rights and prevent unethical business conduct. In addition, GC Rieber Shipping publishes an annually statement of

due diligence in accordance with the Norwegian Transparency Act. This statement includes a description on how GC Rieber Shipping works on subjects of human rights, decent working conditions and risks related to these.

GC Rieber Shipping is collaborating with

GC Rieber Group and its affiliated companies on a project to implement the new CRSD

requirements and develop its sustainability strategy. The project began in the fall of 2023 and will last throughout 2024, with the main objective of preparing for new changes, and finding systems and solutions to meet them. As part of the project, GC Rieber Shipping has reported its GHG emissions, including Scope 1, 2 and 3 emissions, in detail. The full report and the method descriptions are enclosed to this report.

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

AMBITION	TOPICS	STRATEGY	SDGS	TIER 1 TOPICS
	R&D for	Drive research and develop innovative maritime projects with a sustainable profile,		• R&D Investments
	Decarbonized	contributing to the energy shift		•	Skills & Training
innovative,tailored,Deliveringand customersforsolutionssustainable worldwide	Transition			•	Fuel initiatives
			•	Project House
			•	Life Cycle Screening
Business Ethics &	Ensure the good health and well-being of all employees and contractors. Support and		• Human Rights
	Transparency	respect the protection of internationally proclaimed human rights and make sure that		•	Anti - Corruption
		the business is not complicit in human right abuses. Actively promote transparency and		• Due Diligence in the Supply
		counteract corruption and bribery.			Chain
			•	Responsible Marketing
	Environmental	Make use of the at any time best available technological solutions to minimize the risk		• GHG Accounting
	Strategy & Target	of releasing environmentally hazardous substances into air and water, and to simulate		•	Strategy for GHG Reduction
	Setting	sustainability throughout the value chain.		•	Supplier requirement
	Responsible	Facilitate all phases from design of a vessel, operation and to disposal and recycling		• Alignment with new standards
	Ship Recycling	of the vessels to ensure that the total environmental footprint through a vessel's life is		• Adopt new practice
	& Waste	minimized
	Management

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SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

R&D for Decarbonized Transition

Drive research and develop innovative maritime projects with a sustainable profile, contributing to the energy shift.

8 800		961
HOURS		TOTAL HOURS
Number of Hours of		Number of hours
R&D		employee training
Number of recorded hours of		Number of recorded hours of
R&D in 2023.		employee training in 2023.

30 804		96
tCO2e		PER EMPLOYEE
Capex GHG Emission		Average of hours
	employee training
Newbuilds
	Average number of recorded
GHG emission of future capital
	hours of employee training in
assets to be reported in Scope 3.2
	2023, divided on total number of
upon delivery.
	employees.

As part of GC Rieber Shipping's strategy, the Group has in recent years increased its activities towards renewable energy. The market for offshore wind is evolving rapidly and the focus on innovation is increasing. Research and development for decarbonization of the shipping industry and the global energy mix is at the core of this strategy.

One of the main pillars of GC Rieber Shipping's future strategy is the investment in decarbonization initiatives. The Group strives to stay ahead of the competition and provide eco- friendly maritime solutions by investing in R&D. In 2023, the Group allocated 8 800 hours to their newbuild project Windkeeper, a novel and sustainable vessel design. The Group placed an order for two vessels of this design in October 2022, expected to be delivered in 2025. A third party conducted a life cycle screening (LCS) in 2023, to evaluate the environmental impact of the vessels, from construction to decommissioning. The LCS revealed that the GHG emission associated with the future capital assets, which will be reported in Scope 3.2 upon delivery, is 30 804 tCO2e, or 15 402 tCO2e per Windkeeper vessel.

To foster innovation, the Group invests in training and education of its employees. GC Rieber Shipping provides and support the opportunities for education, courses, and other skill develop- ment. In 2023, the Group reported 961 hours of skill development, including an employee who is currently finishing a master's degree. This means an average of 96 hours per employee for the year, based on the total number of employees.

Research and Development

The research and development (R&D) team at GC Rieber Shipping is driven by innovation and sustainability, which are the core values of the Company. The team has a multidisciplinary background, including engineering, design, environmental science, and business. The team collaborates with the Group's customer, partners, and suppliers to create new solution that address the needs and challenges of the shipping industry.

GC Rieber Shipping's R&D team is engaged in many innovative projects that aim to improve performance and sustainability. One of these projects is the Windkeeper vessels, which are designed to operate efficiently and reliably in harsh conditions. Another project is "Charge 2 Work", which will enable the Windkeeper vessels to run entirely on electricity, eliminating any emissions. "Charge 2 Work" is an exceptional concept that reduces operational costs and environmental impacts. By using this concept, the Group can offer its clients a unique opportunity to lower their carbon footprint and comply with future environmental regulations.

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SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

The R&D team is fully incorporated in GC Rieber Shipping's project house and has available resources both within the Company as well as within the GC Rieber Group. GC Rieber Shipping's R&D team is composed of talented and passionate individuals, with a diverse background. Some of the team members are presented below:

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

GJERT FLORVÅG

Chief Technology Officer

As head of the R&D team and Project House, Gjert has good knowledge and expertise in ship technology and naval architecture. He is responsible for overseeing and executing innovative solutions that align with GC Rieber Shipping's strategy of decarbonized transition, drawing from his nearly 25 years of experience in the field.

KENNETH PRESTTUN TJONG

Discipline Manager Electro

With nearly two decades of experience within the field of power and energy storage system, Kenneth is GC Rieber Shipping's team lead for the project Charge2work. He has a master's degree in electric power engineering from NTNU and is also pursuing further education in hydrogen at HiB.

ØYSTEIN KVÅLE

Chief Commercial Officer

Being GC Rieber Shipping's lead expert for the renewable offshore windmarket, Øystein has more than 15 years of experience in finance, strategy and industrial economics. He is well-versed in the intricacies of ship management and the expectations and demands of the customers. Øystein has a master's degree in Industrial Economics and Management from NTNU.

STINE NYGÅRD INSTEFJORD

Sustainability Manager

Stine is the latest addition to the GC Riber Shipping's team, bringing more than a decade of knowledge in finance and strategy. She has recently shifted her focus to sustainability, particularly in the areas of sustainable business strategy, GHG emissions and ESG reporting. Stine has a master of business and administration.

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SHORTCUTS

Letter from the CEO

ESG Report

Report of the Board of Directors

Financial Statement

GC Rieber Shipping

Group

Financial Statement

GC Rieber Shipping

Holding AS

Auditor's Report

Appendix

WALK-TO-WORK

VESSELS

TAILORED FOR OFFSHORE WIND

PREDICATBLE YEAR-ROUND WINDFARM

OPERATIONS

• Hull optimized for seakeeping with exceptionally low and pitch motions.
• Market leading weather window with gangway operability in 4 mHs waves.
• Excellent dynamic position performance with six redundancy groups.

LEADING ENVIRONMENTAL PERFORMANCE

• Battery- hybrid with cost-effectiveultra-low fuel consumption.
• Low emissions from construction of vessel.
• Option of zero-emission battery operations.

SAFE AND EFFICIENT OPERATION

• Stepless workflow from workshop to wind turbine.

www.windkeeper.no

• One wide and steady working deck with all-in- one area.

• High comfort and reduced fatigue of personnel due to less hull movement.

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