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    GC Rieber Shipping in good shape despite downturn

    Company News // May 13, 2015

    GC Rieber Shipping says it maintained "stable and good" operations throughout the first quarter 2015.

    The group had an operating revenue of NKr 233.9 million, compared to NKr 167.9 million in the first quarter 2014. EBITDA was NKr 114.0 million in first quarter 2015, compared to NKr 78.9 million in the corresponding period last year. Total fleet utilisation was 82 per cent, compared to 87 per cent in the same period last year.

    The group had a net loss of NKr 36.3 million in the first quarter 2015, versus a net profit of NKr 41.2 million in first quarter 2014. The net loss was mainly due to unrealised currency loss caused by a weakening of NKr against the US$, with no cash effect.

    "The operational results in GC Rieber Shipping have been positive in the first quarter 2015. Based on our solid contract coverage, there is reason to believe this trend will continue the rest of the year," said the company's CEO Irene Waage Basili.

    In the first quarter, GC Rieber Shipping entered into a new time charter agreement for the subsea vessel Polar King with DOF Subsea Norway, effective from April 2015, including options for additional work.

    Post-quarter, GC Rieber Shipping entered into a five-year charter agreement with Sakhalin Energy Investment Company Ltd for the crewboats Polar Baikal and Polar Piltun.

    The new seismic vessel Polar Empress will be delivered in the second half of May 2015, and enter a five-year contract with Dolphin Geophysical.

    At the end of March 2015, GC Rieber Shipping had a contract backlog of NKr 3.5 billion, with average contract duration of 2.5 years.

    The contract coverage for the remainder of 2015, year 2016 and year 2017 is 82 per cent, 72 per cent and 50 per cent respectively.


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