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    GC Rieber happy with third quarter but concerned about subsea and seismic markets

    Company News // November 11, 2015

    GC Rieber Shipping says it maintained what it described as "stable and satisfying operations" in the third quarter of 2015, following the impact of non recurring items.

    The group had an operating revenue of NKr 336.6 million, compared to NKr 240.7 million in the third quarter 2014. EBITDA was NKr 250.6 million in the third quarter, compared to NKr 134.2 million in the corresponding period last year. Fleet utilization was 87 per cent, compared to 99 per cent in the same period last year.
    The group had a net profit of NKr 25.3 million in the third quarter of 2015, versus a net profit of NKr 47.0 million in the third quarter 2014. The subsea vessel Polar Onyx has been written down by NKr 119 million in the quarterly accounts.
    "The underlying operations in the company were positive in the third quarter of 2015, however the current market situation in the subsea and seismic segments is challenging, and hampered by uncertainty throughout the whole value chain," said the company's CEO, Irene Waage Basili.

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