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    GC Rieber Shipping issues first quarter report

    Company News // May 16, 2014

    GC Rieber Shipping says it delivered "a good result" for the first quarter of 2014.

    Total fleet utilisation was 89 per cent in the quarter, down from 100 per cent in the corresponding period in 2013. The decrease was related to a planned yard stay for the upgrading of Polar Marquis, which will be ready for operation in the second half of May 2014.

    Operating revenue for the first quarter 2014 was NKr 167.9 million, down from NKr 181.0 million in the first quarter 2013. EBITDA ended at NKr 74.9 million, compared to NOK 89.8 million, and corresponded to an EBITDA margin of 45 per cent. The decrease was mainly related to reduced revenues following the sale of HMS Protector in September 2013, and the rebuilding of Polar Marquis.

    During the quarter, GC Rieber Shipping has sold its share in Reef Subsea and took delivery of the vessel Polar Onyx.

    GC Rieber Shipping had a profit of NK 41.8 million in the first quarter, compared to NKr 11.2 million in the corresponding period in 2013.

    "We have restructured our portfolio and strengthened the focus on our core business," said the company's CEO, Irene Waage Basili.

    At the end of first quarter of 2014, GC Rieber Shipping had a solid contract backlog of NKr 3.1 billion with average contract duration of 2.6 years. The contract coverage for 2014, 2015 and 2016 is 98 per cent, 62 per cent and 48 per cent, respectively.


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