Date: 7 February 2018

GC Rieber Shipping: Second half 2017 results


Stock Exchange Notice

Date: 7 February 2018

GC Rieber Shipping - Second half 2017 results

GC Rieber Shipping ASA continue to improve fleet utilization. During the second half of 2017 the company was awarded several contracts bringing the utilization up to 87 percent. The recent award of a three-year charter for the SURF vessel Polar Onyx confirms the positive trend into 2018.

GC Rieber Shipping had an operating income of NOK 131.3 million in the second half of 2017, compared to NOK 88.5 million in the same period 2016. EBITDA was negative by NOK 2.0 million in the second half of 2017, compared to negative NOK 12.5 million in the corresponding period 2016. Total fleet utilization for the reporting period was 87 percent, compared to 70 percent for the second half of 2016.

The net profit for the second half of 2017 was negative NOK 45.5 million, compared to a loss of NOK 195.5 million in the corresponding period 2016.

During the reporting period, the company has succeeded in concluding the refinancing processes initiated during the spring of 2016. An extraordinary general meeting on 26 January 2018 resolved to carry out a Rights Issue of NOK 100 million. Combined with certain debt amendments agreed with the lending banks, this will strengthen the competitive position of GC Rieber Shipping going forward.

"The oil & gas markets remain challenging, but we're pleased to see that we continue to be awarded more work from existing customers and win new contracts especially within the subsea segment. We expect that our modern and efficient fleet, our crew and our organizational capabilities will continue to provide contractual opportunities and more work. In combination with the refinancing, the company has succeeded in putting a robust platform in place", says GC Rieber Shipping CEO, Christian W. Berg.

Please find the report and presentation for the second half 2017 enclosed.

A presentation via webcast of the company's results will be held on GC Rieber Shipping's website, www.gcrieber-shipping.com, 8 February at 8.30 a.m. A recorded version of the presentation will be available on the website after the webcast is finished.

For further information, please contact:
Christian W. Berg, CEO, phone: +47 974 05 553
Einar Ytredal, CFO, phone: +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 and has direct and indirect ownership in 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.

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.

Second half-year 2017 Report

Second half-year 2017 Presentation