Date: 31 August 2016

GC Rieber Shipping - second quarter 2016 results


GC Rieber Shipping ASA had an operating income of NOK 49.4 million in the second quarter 2016, compared to NOK 240.8 million in the second quarter 2015. EBITDA was negative by NOK 22.5 million in the second quarter, compared to positive NOK 141.7 million in the corresponding period 2015. Total fleet utilization was 45 percent, compared to 89 percent in the second quarter 2015.

The group had a loss of NOK 453.8 million in the second quarter of 2016, compared with a profit of NOK 103.4 million in the corresponding period 2015. The negative result in the second quarter 2016 is mostly due to impairment of the fleet of NOK 335.5 million and low activity in the oil related segments of subsea and marine seismic.

"The results in the second quarter are affected by the significant impairment of the fleet. On the positive side we are pleased recently to have been awarded several short term contracts, but nevertheless expect the current market situation in the offshore segments to remain challenging", says CEO Irene Waage Basili.

GC Rieber Shipping has recently secured new charter contracts for two of the seismic vessels in addition to a new contract for Polar Onyx with Technip Angola and for Polar Queen with Senvion GmbH.

Please find the report and presentation for the second quarter 2016 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 its 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.

Q2 2016 Report

Q2 2016 Presentation