Date: 16 May 2014

GC Rieber Shipping - first quarter 2014 results

GC Rieber Shipping maintains stable and good operations, and delivers a good result for the first quarter.

Total fleet utilisation was 89 percent in the quarter, down from 100 percent in the corresponding period in 2013. The decrease is related to a planned yard stay for the upgrading of "Polar Marquis", which will be ready for operations second half of May 2014.

Operating revenues for the first quarter 2014 was NOK 167.9 million, down from NOK 181.0 million in the first quarter 2013. EBITDA ended at NOK 74.9 million, compared to NOK 89.8 million, and corresponds to an EBITDA margin of 45 percent.  The decrease is mainly related to reduced revenues following the sale of "HMS Protector" in September 2013, and the rebuilding of "Polar Marquis".

During the quarter, GC Rieber Shipping has sold its share in Reef Subsea and taken delivery of the vessel "Polar Onyx".

GC Rieber Shipping had a profit of NOK 41.8 million in the first quarter, compared to NOK 11.2 million in the corresponding period in 2013.

"First quarter past without any operational surprises, and the result was as expected. We have restructured our portfolio and strengthened the focus on the core business", comments CEO Irene Waage Basili.

At the end of first quarter 2014, GC Rieber Shipping had a solid contract backlog of NOK 3.1 billion with average contract duration of 2.6 years. The contract coverage for 2014, 2015 and 2016 is 98 percent, 62 percent and 48 percent respectively.

Please find the report and presentation for the first quarter 2014 enclosed.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88

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 14 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 seismic vessel for delivery spring 2015.
The company is headquartered in Bergen and has a ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo BÝrs with ticker RISH. Further information is available on the company's website


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

Q1 2014 Report

Q1 2014 Presentation