Date: 20 August 2015

GC Rieber Shipping - second quarter 2015 results

GC Rieber Shipping maintained stable and good operations in the second quarter 2015. The group had an operating revenue of NOK 240.8 million, compared to NOK 214.4 million in the second quarter 2014. EBITDA was NOK 141.7 million in the second quarter, compared to NOK 113.3 million in the corresponding period last year. Total fleet utilization was 89 percent, compared to 94 percent in the same period last year.

The group had a net profit of NOK 103.4 million in the second quarter of 2015, versus a net profit of NOK 43.5 million in the second quarter 2014. In June 2015, GC Rieber Shipping completed refinancing of five of its vessels.

«The underlying operations in the company have been positive in the second quarter of 2015. Our contract coverage is good, however the current market situation in the subsea and seismic segments is challenging and uncertain due to the drop in oil prices and subsequent spending and activity levels», says CEO Irene Waage Basili. 

The group took delivery of the new advanced seismic vessel "Polar Empress", which entered directly on a five-year contract with Dolphin Geophysical. In the beginning of June, GC Rieber Shipping sold the CSV «Polar Prince».

In the second quarter, GC Rieber Shipping also entered into a new five-year charter agreement with Sakhalin Energy Investment Company Ltd for the crewboats "Polar Baikal" and "Polar Piltun.

At the end of the second quarter, GC Rieber Shipping had a contract backlog of NOK 3.2 billion, with average contract duration of 2.4 years. The contract coverage for the remainder of 2015, year 2016 and year 2017 is 91 percent, 79 percent and 61 percent respectively.

Please find the report and presentation for the second quarter 2015 enclosed. A presentation via webcast of the company's results will be held 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, tel: (+ 47) 55 60 68 67 / (+ 47) 900 98 688

CFO Einar Ytredal, tel: (+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.

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.

Q2 2015 Report

Q2 2015 Presentation