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    GC Rieber Shipping reports third quarter 2016 results

    Company News // November 9, 2016

    GC Rieber Shipping says it has made 'significant progress' strategically and operationally during the third quarter with the establishment of Shearwater GeoServices in October as the most important milestone.

    "During the past months we are pleased to have secured several charter contracts for our subsea vessels and we are excited to have established the new marine geophysical company, Shearwater GeoServices AS. The new venture has four high-end, cost effective vessels and is thus well positioned to expand its market position. However, the overall market situation in the offshore segments remain challenging and we do expect this to continue," said acting CEO Einar Ytredal.

    GC Rieber Shipping had an operating income for the continuing operation of NKr 53.7 million in the third quarter 2016, compared to NKr 213.0 million in the third quarter 2015. EBITDA for the continuing operation was positive by NKr 6.2 million in the third quarter, compared to NKr 169.7 million in the corresponding period 2015. Total fleet utilization was 54 per cent, compared to 87 per cent in the third quarter 2015.

    The group had a total loss of NKr 233.5 million in the third quarter of 2016, compared with a profit of NKr 25.3 million in the corresponding period 2015. The negative result in the third quarter 2016 is mostly due to impairment of the fleet of NKr 126.9 million and low activity in the oil related segments of subsea and marine seismic.

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