GC Rieber Shipping maintains its good underlying operations in all segments, and delivers its best quarterly result in the company's history.
The company had an overall fleet utilisation of 96 percent, corresponding to the same level in the third quarter last year. Sale of vessel has released a substantial amount of cash and GC Rieber Shipping is well positioned for further growth.
Operating income for the third quarter amounted to NOK 230.1 million, representing an increase of 10 percent from the same quarter last year. EBITDA was NOK 137.9 million, up from NOK 106.9 million, and represents an EBITDA margin of 60 percent. Increase in EBITDA margin is primarily due to termination of existing UK Tax Lease agreement for the vessel "Ernest Shackleton", which gave an accounting gain of NOK 22.7 million.
GC Rieber Shipping had a historical good result of NOK 439.5 million in the third quarter, compared to NOK 60.2 million in the same period in 2012. The great result is mainly due to the sale of the vessel "HMS Protector" in September 2013. Normalised profit after tax amounted to NOK 69.7 million.
"The good result in third quarter confirms the company's sound underlying operations. Through the sale of "HMS Protector", we released substantial funds, and we have strengthened our financial position further. As a part of our business model, strategic sale of vessels enables further investment in new vessels in our core markets ", comments CEO Irene Waage Basili.
As at 30 September 2013, GC Rieber Shipping had a solid contract backlog of NOK 3.1 billion with average contract duration of 2.5 years.
Please find the report and presentation for the third 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 10 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 Børs with ticker RISH. Further information is available on the company's website www.gcrieber-shipping.no.