Date: 19 February 2016

GC Rieber Shipping - fourth quarter 2015 results


The group had an operating income of NOK 179.0 million, compared to NOK 258.5 million in the fourth quarter 2014. EBITDA was negative by NOK 108.0 million in the quarter, compared to NOK 130.2 million in the corresponding period 2014. Total fleet utilization was 73 percent, compared to 100 percent in the fourth quarter 2014. EBITDA for 2015 was NOK 398.2 million compared to 453.5 million in 2014.

The group had a loss of NOK 400.1 million in the fourth quarter of 2015, compared to a loss of NOK 201.4 million in the corresponding period 2014. This includes a loss of NOK 189.7 million on accounts receivables related to the Dolphin Geophysical bankruptcy.  Further, due to reduction in market values for the fleet in the highly challenging offshore market as well as uncertainty related to the vessels future earnings, impairments totaling NOK 132.8 million for the fleet, has been made for the fourth quarter 2015. Total impairments of the fleet for the fiscal year 2015 is NOK 251.6 million. In addition, deferred tax assets of NOK 64 million has been charged as an expense in the fourth quarter 2015. Preliminary annual loss for 2015 is NOK 307.7 million compared with a loss of NOK 80.1 million the previous year.

"The results in the 4th quarter are affected by significant non-recurring items such as the bankruptcy of a large client, impairments and charging of deferred taxes.  The current market situation in the offshore segments is challenging to say the least, and unfortunately is affecting just about everyone operating in this space "CEO Irene Waage Basili says. She emphasizes that the company has a continued focus on adapting vessel and organizational operations to a considerably lower cost level in 2016. In addition she adds, "Our conservative financial strategy has proven to be wise and will enable us to navigate in the market moving forward."

At the end of the fourth quarter 2015, GC Rieber Shipping had a contract backlog of NOK 0.8 billion. The contract coverage for the years 2016, 2017 and 2018 is 43 percent, 36 percent and 22 percent respectively.

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

A presentation via webcast of the company's results will be held on GC Rieber Shipping's website, www.gcrieber-shipping.com, today at 08.30 a.m. A recorded version of the presentation will be available on the website after the webcast is finished.

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 BÝrs with ticker RISH.

Further information is available on the company's website www.gcrieber-shipping.com.

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

Q4 2015 Report

Q4 2015 Presentation