Date: 22 August 2014

GC Rieber Shipping - second quarter 2014 results


GC Rieber Shipping had stable and good operations, and delivers a solid result for the second quarter.

Total fleet utilisation was 94 percent in the quarter, compared to 96 percent in the same period in 2013. The decrease is related to a planned yard stay for upgrading "Polar Marquis", which was completed and delivered for operations at the end of May.

Operating revenues for the second quarter 2014 was NOK 214.4 million, compared to NOK 173.8 million in the second quarter 2013. The increase is primarily due to "Polar Onyx", which started operations at the end of first quarter 2014. EBITDA ended at NOK 110.3 million, up from NOK 93.6 million, and corresponds to an EBITDA margin of 51 percent. EBTIDA margin for second quarter 2013 was 54 percent.

GC Rieber Shipping had a profit of NOK 43.5 million for the second quarter, compared to a loss of NOK 5.7 million in the same period in 2013. The result in the second quarter 2013 was affected by a loss of NOK 38.3 million from associated company, an investment that was divested per 31 December 2013.

For the first half 2014, operating income amounted to NOK 382.3 million, compared to NOK 354.3 million in 2013. EBITDA ended at NOK 185.1 million, up from NOK 183.4 million the year before. Net profit for the first half of 2014 amounts to NOK 84.7 million, compared to NOK 5.5 million in 2013.

"The second quarter passed as expected, we have had good operations in all segments, and are satisfied with a solid financial result. With all vessels in operation and a continued focus on our core operations, we expect that the positive trend to continue in the time to come", comments CEO Irene Waage Basili.

At the end of first half 2014, GC Rieber Shipping had a contract backlog of NOK 3.0 million, with an average contract duration of 2.4 years. The contract coverage for the second half 2014, 2015 and 2016 is 100 percent, 62 percent and 48 percent respectively.

Please find the report and presentation for the second quarter and first half of 2014 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 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 www.gcrieber-shipping.com.

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

Q2 2014 Report

Q2 2014 Presentation