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    GC Rieber maintains stable performance with excellent EBITDA

    Company News // November 6, 2014

    GC Rieber Shipping has maintained what CEO Irene Waage Basili described as “stable" and "good" operations throughout the third quarter.

    In fact, the quarter saw the second highest EBITDA in the company’s history. Total fleet utilisation was 99 per cent, compared to 96 per cent in the same period in 2013.

    The group’s operating revenue for the third quarter 2014 was NKr 240.7 million, compared to NKr 215.0 million in the third quarter of 2013. The increase was primarily due to the fact that, compared with 2013, the company had one vessel more in operation, the newbuild Polar Onyx, which started operations at the end of first quarter 2014.

    EBITDA was NKr 124.8 million, corresponding to an EBITDA margin of 52 per cent. EBITDA for third quarter 2013 was NKr 126.5 million, corresponding to an EBITDA margin of 59 per cent.

    GC Rieber Shipping had a profit of NKr 47.0 million for the third quarter, compared to NKr 439.0 million in the same period in 2013 (the especially solid result in third quarter of 2013 was due to an accounting gain related to the sale of HMS Protector in September 2013).

    “We are very pleased to again present a solid quarterly result, and see this as a confirmation that we are well positioned in the market. A solid financial platform and operational robustness in the operation of our vessels, allows us to deliver solid results,” said Ms Basili.

    “We are optimistic about the future. In a more challenging market, modern vessels delivering services at competitive terms and solid operations will be decisive for us and our customers.”

    At the end of September 2014 GC Rieber Shipping had a contract backlog of NKr 3.2 billion, with an average contract duration of 2.4 years. Contract coverage for the fourth quarter 2014, 2015 and 2016 is 100 per cent, 67 per cent and 57 per cent, respectively.

    During the third quarter of 2014 GC Rieber secured a three-year charter contract with Boa Marine Services for the subsea vessel Polar Queen and a one-year extension of a charter contract for RRS Ernest Shackleton until august 2016.

    The agreement with Boa Marine Services was an extension of an existing contract and will take effect as at April 2015. The agreement includes an option on the part of charterer for a three-year extension.

    The first quarter of 2015 will see the company take delivery of a seismic vessel newbuilding from Kleven Verft. On delivery the vessel will embark on a five-year contract with Dolphin Geophysical. 


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