Date: 25 February 2013

GC Rieber Shipping - reports record EBITDA for the fourth quarter 2012 and full year 2012


GC Rieber Shipping reports its best EBITDA in the company's history for the fourth quarter 2012 and full year 2012.  The company had stable operations, with high fleet utilization and solid contract coverage. The market outlook for advanced vessels in the seismic, subsea and ice/ support segments are good, and GC Rieber Shipping is well positioned for further growth.

The operating income for the fourth quarter was NOK 215.6 million, representing an increase of 18 percent from the fourth quarter in 2011. EBTIDA amounted to NOK 113.7 million, compared with NOK 73.4 million in the corresponding period last year, and represents an EBITDA margin of 53 percent for the quarter. Net profit for fourth quarter ended at NOK 90.7 million, and normalized profit for the period was NOK 52.8 million.

For the full year 2012, GC Rieber Shipping had revenues of NOK 781.2 million, compared to NOK 625.8 million in 2011. EBITDA increased by NOK 109.7 million to NOK 376.7 million.

The board of directors has proposed a dividend payment of NOK 1 per share, corresponding to NOK 43.6 million.

After entering into new time charter agreements with Dolphin Geophysical in February 2013, GC Rieber Shipping has a solid contract backlog of NOK 2.8 billion, with average contract duration of 35 months for its fleet. The company had a fleet utilization of 96 percent in the fourth quarter, compared with 97 percent in the same period 2011.

"We are very satisfied with the fourth quarter, and the company's strong financial position by the end of 2012. Our fleet is fully booked for 2013, with a solid contract coverage going forward. Recently we announced a fleet expansion by contracting a new vessel, and we have entered into new long-term charter agreements with Dolphin Group. We continue to increase our focus in the market for advanced vessels, and solidify the position as a leading and highly experienced player in offshore operations in harsh environments. A solid market position combined with a strong financial position, allows us to continue evaluating growth opportunities and be optimistic for the continuation of 2013", comments CEO Irene Waage Basili.

Please find the report and presentation for the fourth quarter enclosed.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88
CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 97 52 01 84

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 and 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.

GC Rieber Shipping currently operates 16 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which 11 are owned by the company. In addition, the company has one subsea vessel under construction for delivery spring 2014, and one seismic vessel for delivery spring 2015.

The company is headquartered in Bergen with ship management companies in Sevenoaks (UK) and Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo BÝrs with ticker RISH. Further information is available on the company's website www.gcrieber-shipping.no.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q4 2012 Report

Q4 2012 Presentation