GC Rieber Shipping Delivers Expected First Quarter Results

GC Rieber Shipping maintains stable and good operations, and delivers a good result for the first quarter.

Total fleet utilisation was 89 percent in the quarter, down from 100 percent in the corresponding period in 2013. The decrease is related to a planned yard stay for the upgrading of “Polar Marquis”, which will be ready for operations second half of May 2014.

Operating revenues for the first quarter 2014 was NOK 167.9 million, down from NOK 181.0 million in the first quarter 2013. EBITDA ended at NOK 74.9 million, compared to NOK 89.8 million, and corresponds to an EBITDA margin of 45 percent. The decrease is mainly related to reduced revenues following the sale of “HMS Protector” in September 2013, and the rebuilding of “Polar Marquis”.

During the quarter, GC Rieber Shipping has sold its share in Reef Subsea and taken delivery of the vessel “Polar Onyx”.

GC Rieber Shipping had a profit of NOK 41.8 million in the first quarter, compared to NOK 11.2 million in the corresponding period in 2013.

“First quarter past without any operational surprises, and the result was as expected. We have restructured our portfolio and strengthened the focus on the core business,” comments CEO Irene Waage Basili.

At the end of first quarter 2014, GC Rieber Shipping had a solid contract backlog of NOK 3.1 billion with average contract duration of 2.6 years. The contract coverage for 2014, 2015 and 2016 is 98 percent, 62 percent and 48 percent respectively.

Press Release, May 16, 2014