Date: 10 November 2015

GC Rieber Shipping - third quarter 2015 results

GC Rieber Shipping maintained stable and satisfying operations in the third quarter 2015, following the impact of non recurring items. The group had an operating revenue of NOK 336.6 million, compared to NOK 240.7 million in the third quarter 2014. EBITDA was NOK 250.6 million in the third quarter, compared to NOK 134.2 million in the corresponding period last year. Total fleet utilization was 87 percent, compared to 99 percent in the same period last year.

The group had a net profit of NOK 25.3 million in the third quarter of 2015, versus a net profit of NOK 47.0 million in the third quarter 2014. The subsea vessel "Polar Onyx" has been written down by NOK 119 million in the quarterly accounts.

«The underlying operations in the company have been positive in the third quarter of 2015, however the current market situation in the subsea and seismic segments is challenging and hampered by uncertainty throughout the whole value chain», says CEO Irene Waage Basili.

GC Rieber Shipping terminated the contract with Ceona Chartering (UK) Limited (Ceona) for "Polar Onyx" in September due to charterers default. In November, GC Rieber Shipping entered into a full and final settlement with the Administrators of Ceona, whereby GC Rieber Shipping will take ownership of the VLS tower on board the "Polar Onyx". In addition, GC Rieber Shipping will be paid USD 16.3 million from the established cash deposit. Further, the Group has recently entered into a time charter agreement with Marine Platforms Limited for "Polar Onyx" for 60 days starting January 2016, with options to extend for up to two months.

In October, GC Rieber Shipping entered into an agreement with Dolphin Geophysical regarding early redelivery of "Polar Duke", representing approximately USD 16 million in reduced hire payments. The agreement includes extension of firm periods for "Polar Marquis" and "Polar Duchess" charters by 18 months.

At the end of the third quarter, GC Rieber Shipping had a contract backlog of NOK 2.7 billion, with average contract duration of 2.1 years. The contract coverage for the remainder of 2015, year 2016 and year 2017 is 71 percent, 66 percent and 59 percent respectively.

Please find the report and presentation for the third 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.

Q3 2015 Report_English

Q3 2015 Report_Norwegian

Q3 2015 Presentation