Date: 13 May 2015

GC Rieber Shipping - first quarter 2015 results

GC Rieber Shipping maintained stable and good operations throughout the first quarter 2015. The group had an operating revenue of NOK 233.9 million, compared to NOK 167.9 million in the first quarter 2014. EBITDA was NOK 114.0 million in first quarter 2015, compared to NOK 78.9 million in the corresponding period last year. Total fleet utilisation was 82 percent, compared to 87 percent in the same period last year.

The group had a net loss of NOK 36.3 million in the first quarter 2015, versus a net profit of NOK 41.2 million in first quarter 2014. The net loss is mainly due to unrealised currency loss caused by a weakening of NOK against the USD, with no cash effect.

«The operational results in GC Rieber Shipping have been positive in the first quarter 2015. Based on our solid contract coverage, there is reason to believe this trend will continue the rest of the year», says CEO Irene Waage Basili.

In the first quarter, GC Rieber Shipping have entered a new time charter agreement for the subsea vessel "Polar King" with DOF Subsea Norway effective from April 2015, including options for additional work. Post-quarter, GC Rieber Shipping entered into a new five-year charter agreement with Sakhalin Energy Investment Company Ltd for the crewboats "Polar Baikal" and "Polar Piltun The new advanced seismic vessel "Polar Empress" will be delivered in the second half of May 2015, and enter directly on a five-year contract with Dolphin Geophysical.

At the end of March 2015, GC Rieber Shipping had a contract backlog of NOK 3.5 billion, with average contract duration of 2.5 years. The contract coverage for the remainder of 2015, year 2016 and year 2017 is 82 percent, 72 percent and 50 percent respectively.

 Please find the report and presentation for the first quarter 2015 enclosed.

A presentation via webcast of the company's results will be hold on GC Rieber Shipping's website,, today at 08.30 a.m. A recorded version of the presentation will be available on the website after the webcast has concluded.

For further information, please contact:

CEO Irene Waage Basili, tlf: (+ 47) 55 60 68 67 / (+ 47) 900 98 688

CFO Einar Ytredal, tlf: (+47) 55 60 68 54 / (+47) 975 20 184

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 specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore 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 the company owns 11. In addition, the company has one seismic vessel under construction.

The company has it's headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.

Further information is available on the company's website

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

Q1 2015 Report

Q1 2015 Presentation