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    GC Rieber Shipping releases second quarter results

    Company News // August 31, 2016

    GC Rieber Shipping says its results for the second quarter were affected by a significant impairment of its fleet. "On the positive side we are pleased recently to have been awarded several short term contracts, but nevertheless expect the current market situation in the offshore segments to remain challenging," said the company's CEO Irene Waage Basili.

    GC Rieber Shipping recently secured charter contracts for two seismic vessels in addition to a contract for Polar Onyx with Technip Angola and Polar Queen with Senvion GmbH.

    GC Rieber Shipping had an operating income of NKr 49.4 million in the second quarter 2016, compared to NKr 240.8 million in the second quarter 2015. EBITDA was negative by NKr 22.5 million in the second quarter, compared to a positive result, NKr 141.7 million, in the corresponding period 2015.

    Total fleet utilization was 45 per cent, compared to 89 per cent in the second quarter 2015.

    The group had a loss of NKr 453.8 million in the second quarter, compared with a profit of NKr 103.4 million in the corresponding period in 2015. The negative result in the second quarter 2016 is mostly due to impairment of its fleet of NKr 335.5 million and low levels of activity in the subsea and marine seismic segments.

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