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    GC Rieber Shipping sees improvement in utilisation, but not in rates

    Company News // August 22, 2017

    GC Rieber Shipping's acting CEO Einar Ytredal says the company has seen an improvement in utilisation and results in the first half of 2017, despite continued challenging markets, but has not seen an increase in rates.

    "Most efforts are now being targeted towards establishing a new, robust platform for our subsea operations," said Mr Ytredal. "The fleet has been performing well and we see more opportunities ahead. However, rate levels and earnings are still not at a sustainable level.

    "When a long term solution for this segment is in place, GC Rieber Shipping with its long and solid marine competence, will have a solid foundation for pursuing new opportunities."

    GC Rieber Shipping said the establishment of Shearwater GeoServices "has been successful" and the ice/support segment remains stable and healthy. In the subsea segment capacity utilisation has been significantly higher than in previous periods. This provides a solid basis for the ongoing restructuring efforts for the subsea fleet.

    Overall fleet utilisation was 81 per cent. The company made a loss of NKr 84.6 million, compared with a loss of NKr 547.5 million in the same period in 2016. GC Rieber Shipping has a contract backlog of NKr 463 million.


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