Date: 5 November 2014

GC Rieber Shipping - third quarter 2014 results


GC Rieber Shipping maintains stable and good operations throughout the third quarter, and delivers the second best EBITDA result in the company's history. Total fleet utilisation was 99 percent, compared to 96 percent in the same period in 2013.

The group's operating revenues for the third quarter 2014 was NOK 240.7 million, compared to NOK 215.0 million in the third quarter 2013. The increase is primarily due to one vessel more in operations, as the newbuild "Polar Onyx" started operations at the end of first quarter 2014. EBITDA ended at NOK 124.8 million, corresponding to an EBITDA margin of 52 percent. EBITDA for third quarter 2013 was NOK 126.5 million, corresponding to an EBITDA margin of 59 percent.

GC Rieber Shipping had a profit of NOK 47.0 million for the third quarter, compared to NOK 439.0 million in the same period in 2013. The solid result in third quarter 2013 was due to an accounting gain related to the sale of "HMS Protector" in September 2013.

 "We are very pleased to again present a solid quarterly result, and see this as a confirmation that we are well positioned in the market. A solid financial platform and operational robustness in the operation of our vessels, allows us to deliver solid results.  We are optimistic about the future. In a more challenging oil market, modern vessels delivering services at competitive terms and solid operations will be decisive for us and our customers", says CEO Irene Waage Basili.

At the end of September 2014, GC Rieber Shipping had a contract backlog of NOK 3.2 billion, with an average contract duration of 2.4 years. The contract coverage for the fourth quarter 2014, 2015 and 2016 is 100 percent, 67 percent and 57 percent respectively.

Please find the report and presentation for the third quarter enclosed. A presentation via webcast of the company's results will be available on GC Rieber Shipping's website today at 16.30 p.m.

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 13 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 first quarter 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.no.

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

Q3 2014 Report

Q3 2014 Presentation