Date: 31 August 2009

GC Rieber Shipping - Second quarter and first half year 2009

GC Rieber Shipping achieved a considerable improvement in the results for the second quarter, compared with the first quarter 2009. This is primarily due to solid earnings from the group's core activities - shipowning - but the group's value chain investments also improve on an aggregate level compared with the first quarter 2009.
The CEO of GC Rieber Shipping, Sven Rong, is satisfied with the results: "In a tough market we are happy with the solid performance of our core activities, while simultaneously managing to improve the bottom line of our value chain investments".
The group posted a net profit of NOK 9.8 million in the second quarter 2009 and NOK 6.4 million in the first half year 2009. Core activities contributed NOK 49 million on EBITDA level in the quarter (NOK 82 million in the first half year), while the value chain investments contributed positively by NOK 3 million on EBITDA level in the quarter. The group maintains its strategic flexibility through a solid financial capacity, with NOK 452 million in liquid assets and a contract backlog which increased to NOK 2,065 million during the quarter, partly due to the acquisition of the 3D/4D vessel "Geo Atlantic", which was acquired early July and which is on a long term charter with Fugro Geoteam.
In the longer term, Rong continues to expect a strong market, despite persistent weak markets short to medium term. "We are building a platform for a rise in oil price and increased activity in the longer term", says Rong and continues: "Our value chain investments are in a build-up phase and we do not expect any significant profit contribution from these businesses in the short to medium term. However, the strength of our core activities makes this situation manageable".
GC Rieber Shipping still has financial capacity for further strategic initiatives. "With our balance sheet we are always open-minded when it comes to good investment opportunities", says Rong and adds: "But the current financial climate has significantly narrowed the eye of the needle".
Other highlights in the report for the second quarter and half year 2009:
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 ownership of specialized vessels, high quality marine ship management, project development and industrial portfolio management within the offshore subsea, ice research and support and marine seismic segments. The company has a unique competence within offshore operations in harsh environments, as well as design, development and maritime operation of seismic vessels. Strategic investments in the value chain have added considerable know-how and experience to the company in terms of offshore subsea and marine seismic operations.
GC Rieber Shipping owns and operates seven advanced multifunctional special purpose vessels for defined markets within offshore subsea, ice research and support as well as the marine seismic segment. Through a joint venture company of which GC Rieber Shipping owns 51%, the company has contracted three new offshore vessels for delivery in 2009/2010. The company's strategic value chain investments include the subsea contractor Technocean (58 % stake), Octio Group, which specializes in permanent monitoring of oil fields (60 % stake) and the geotechnical company Bluestone Offshore (60 % stake). The company is also in charge of the ship management of ten seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for three advanced seismic new builds for PGS.
The company is headquartered in Bergen, Norway, with ship management offices in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia) for international representation. The company is listed on Oslo BÝrs with the ticker RISH. Additional information is available on the company's web site

Q2 2009 Presentation

Q2 2009 Report