Date: 19 August 2010

GC Rieber Shipping - Second quarter and half year 2010

 Key message:

· Solid profit from GC Rieber Shipping's core activities (shipowning and ship management of vessels)


· Large sales gain from disposal of the "Polar Queen"


· Write-downs of goodwill, R&D and vessel equipment


· Reef Subsea growth continues


· Investment in 4D seismic newbuildings through Armada Seismic


GC Rieber Shipping posted an operating profit before depreciation (EBITDA) of NOK 56.6 million in the second quarter 2010, compared with NOK 51.7 million in the corresponding period in 2009.


The operating profit (EBIT) in the second quarter amounted to NOK 223.4 million, compared NOK 25.2 million in the corresponding quarter in 2009. EBIT in the second quarter is substantially affected by a NOK 272 million sales gain related to the disposal of the "Polar Queen", while write-downs totalling NOK 71 million are related to goodwill, R&D and vessel equipment.


GC Rieber Shipping's share of profits in the associated company Reef Subsea amounted to NOK 7.3 million in the second quarter.  Reef Subsea includes the companies Technocean, Scan Mudring and Bluestone Offshore. Reef Subsea thus continues the growth from the first quarter 2010.


GC Rieber Shipping has, through the subsidiary Armada Seismic, during the quarter acquired two 4D seismic newbuildings. The first vessel was delivered end June, and adaptation of the vessel is expected to be complete within the second half of 2010. The second newbuilding is expected to be delivered in Q3 2011. Following a successful private placement of NOK 450 million in Armada Seismic in June, GC Rieber Shipping retains a 65% shareholding in the company.


The news of the passing of CEO Sven Rong during a hike in the mountains on 10 August 2010 were received by the board of directors with great sorrow. Under these sad circumstances our thoughts are with Sven's family.


Following the sudden passing of CEO Sven Rong, the board of directors of GC Rieber Shipping ASA has appointed Hans Petter Klohs (43) as acting CEO, effective as from 13 August 2010. Klohs has up to this date been the CFO of the company. The board of directors prepares for a thorough and broad process to find a permanent successor to Sven Rong.


Key financial figures from the second quarter 2010:


Key financial figures for the six months January to June 2010:




For further information, please contact:


CEO (acting) Hans Petter Klohs, phone +47 55 60 68 24, or +47 90 75 05 26
VP Finance Einar Ytredal, phone +47 55 60 68 54, or +47 97 52 01 84


Please notice that GC Rieber Shipping's administration will not be available for larger parts of the working day on 19 August, due to the funeral of Sven Rong. 



About GC Rieber Shipping:
GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management, project development and industrial portfolio management within the segments subsea, ice/support, as well as marine seismic. The group has a unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels. Through strategic value chain investments the group has substantial knowledge and experience within subsea and marine seismic.


GC Rieber Shipping currently owns six and operates seven advanced multifunctional special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. Furthermore, GC Rieber Shipping has two subsea IMR/CSV newbuildings for delivery late 2010 and mid 2011. Through a joint venture of which GC Rieber Shipping owns 51 %, the group also has two new offshore vessels for delivery in 2010. GC Rieber Shipping also owns 65 % of Armada Seismic, which owns one high-capacity seismic vessel and has one newbuilding for delivery in the third quarter 2011. The group's strategic value chain investments include the subsea services company Reef Subsea (50 % stake) and the company Octio (73 % stake) which is in the business of permanent monitoring of existing oil fields. GC Rieber Shipping is also in charge of marine ship management for nine offshore vessels for other owners.


The company has its registered office and is headquartered in Bergen with ship management companies in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global presence. The company is listed on Oslo Børs with ticker RISH. Further information is available on the company's website

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Q2 2010 Report

Q2 2010 Presentation