Date: 30 August 2013

GC Rieber Shipping - good operations in second quarter 2013


GC Rieber Shipping had good underlying operations in all segments, with 96 percent utilization of its fleet in the second quarter 2013, up from 92 percent in the corresponding period last year. The company had somewhat lower fleet utilization than expected within the subsea segment, due to unforeseen downtime and scheduled maintenance. The market for advanced vessels remains stable in all of GC Rieber Shipping's segments, and the company is well positioned to assess new opportunities.

Operating income for the quarter amounted to NOK 183.9 million, which is a reduction of 4 percent from the second quarter 2012. EBITDA was NOK 99.2 million, up from NOK 86.7 million last year, and represents an EBITDA margin of 54 percent for the quarter. The increase in EBITDA margin is primarily due to increased rates and higher capacity utilization.
Net loss for the second quarter 2013 was NOK 5.7 million, compared to a profit of NOK 57.0 million in the same period last year.  This is primarily due to a loss of NOK 38.7 million from the associated company Reef Subsea, which experienced low capacity utilization in the quarter. Normalized profit after tax amounted to NOK 9.5 million.
"Despite some unforeseen episodes and thus lower capacity utilization on some of our vessels, the underlying operation in the company is good. We have a firm contract backlog for our fleet going forward, and experience positive interest for our vessels within all three segments", comments CEO Irene Waage Basili.
As at 30 June 2013, GC Rieber Shipping had a solid contract backlog of NOK 3.4 billion with average contract duration of 2.7 years.

Please find the report and presentation for the second quarter 2013 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 and project development 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 15 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 a 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.

Q2 2013 Report

Q2 2013 Presentation