GC Rieber Shipping posted a net profit of NOK 27.6 million in the third quarter 2008, on par with the corresponding quarter last year (NOK 26.9 million). The company has a solid financial capacity with NOK 623 million in cash and a contract backlog of NOK 1058 million.
- As everyone else, we have noticed that access to financing has become tighter, but in our position this situation create opportunities as much as challenges, says CEO Sven Rong. He continues: - We have an excellent liquid assets position, low gearing and solid customers, and whence are well prepared for further challenges in the global economy following a possible continuance of the financial turmoil.
GC Rieber Shipping has invested strategically in expanded involvement within subsea and seabed seismic. Rong is convinced that these investments will be successful, despite the recent substantial decline in the oil price. - A lower oil price may short term lead to postponements of projects and delayed growth in these markets, but long term the oil price and exploration activity will increase as a consequence of diminishing oil reserves, he emphasizes.
Other financial key figures in the third quarter 2008:
- Operating income of NOK 153.2 million (NOK 146.5 million in Q3 07)
- EBITDA from continuing operations of NOK 59.6 million (NOK 58.1 million in Q3 07)
- Normalized profit before tax from continuing operations was NOK 34.7 million (NOK 34.2 million i Q3 07)
- Cash equivalents and net cash position of NOK 623 million and NOK 145 million, respectively
- Contract backlog of NOK 1058 million
For further information, please contact:
CEO Sven Rong,
Phone +47 55 60 68 18, or +47 90 55 49 52
About GC Rieber Shipping:
GC Rieber Shipping's business in the offshore/shipping segment includes high quality marine ship management of specialized vessels, project development and industrial portfolio management. The group has a unique competence on operations offshore in harsh environments, as well as design, development and maritime operation of seismic vessels. The group has also built substantial competence in terms of subsea operations, both through the 52% stake in subsea contractor Technocean and through long term cooperation with other key players in the market.
GC Rieber Shipping owns and operates six advanced multifunctional special purpose vessels for defined markets within offshore subsea, ice research and support and seismic. The group is also in charge of ship management for 10 seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for four advanced seismic new builds for Arrow Seismic (PGS). The company is headquartered in Bergen with ship management offices in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global presence. The company is listed on Oslo Børs with ticker RISH. Further information available on the company's website:
www.gcrieber-shipping.no