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    GC Rieber Shipping reports record EBITDA

    Company News // February 26, 2013

    GC Rieber Shipping has reported the best EBITDA in the company's history for the fourth quarter 2012 and full year 2012. The company had stable operations, with high fleet utilization and solid contract coverage.

    "The market outlook for advanced vessels in the seismic, subsea and ice/support segments are good, and GC Rieber Shipping is well positioned for further growth," the company said.

    Operating income for the fourth quarter was NKr 215.6 million, representing an increase of 18 per cent from the fourth quarter in 2011. EBTIDA amounted to NKr 113.7 million, compared with NKr 73.4 million in the corresponding period last year, and represents an EBITDA margin of 53 per cent for the quarter. Net profit for fourth quarter ended at NKr 90.7 million, and normalized profit for the period was NKr 52.8 million.

    For the full year 2012, GC Rieber Shipping had revenues of NKr 781.2 million, compared to NKr 625.8 million in 2011. EBITDA increased by NKr 109.7 million to NKr 376.7 million. 

    After entering into new time charter agreements with Dolphin Geophysical in February 2013, GC Rieber Shipping has a solid contract backlog of NKr 2.8 billion, with average contract duration of 35 months for its fleet.

    The company had a fleet utilization of 96 percent in the fourth quarter, compared with 97 percent in the same period 2011.

    "We are very satisfied with the fourth quarter, and the company's strong financial position by the end of 2012. Our fleet is fully booked for 2013, with a solid contract coverage going forward," said Irene Waage Basili, the company's CEO.

    "Recently, we announced a fleet expansion by contracting a new vessel, and we have entered into new long-term charter agreements with Dolphin Group. We continue to increase our focus in the market for advanced vessels, and solidify the position as a leading and highly experienced player in offshore operations in harsh environments.

    "A solid market position combined with a strong financial position, allows us to continue evaluating growth opportunities and be optimistic for the continuation of 2013, she concluded.


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