GC Rieber Shipping Reports Record EBITDA in Its History (Norway)

GC Rieber Shipping Reports Record EBITDA in Its History (Norway)

GC Rieber Shipping reports its best EBITDA in the company’s history for the fourth quarter 2012 and full year 2012. The company had stable operations, with high fleet utilization and solid contract coverage.

The market outlook for advanced vessels in the seismic, subsea and ice/ support segments are good, and GC Rieber Shipping is well positioned for further growth.

The operating income for the fourth quarter was NOK 215.6 million, representing an increase of 18 percent from the fourth quarter in 2011. EBTIDA amounted to NOK 113.7 million, compared with NOK 73.4 million in the corresponding period last year, and represents an EBITDA margin of 53 percent for the quarter. Net profit for fourth quarter ended at NOK 90.7 million, and normalized profit for the period was NOK 52.8 million.

For the full year 2012, GC Rieber Shipping had revenues of NOK 781.2 million, compared to NOK 625.8 million in 2011. EBITDA increased by NOK 109.7 million to NOK 376.7 million.

The board of directors has proposed a dividend payment of NOK 1 per share, corresponding to NOK 43.6 million.

After entering into new time charter agreements with Dolphin Geophysical in February 2013, GC Rieber Shipping has a solid contract backlog of NOK 2.8 billion, with average contract duration of 35 months for its fleet. The company had a fleet utilization of 96 percent in the fourth quarter, compared with 97 percent in the same period 2011.

“We are very satisfied with the fourth quarter, and the company’s strong financial position by the end of 2012. Our fleet is fully booked for 2013, with a solid contract coverage going forward. Recently we announced a fleet expansion by contracting a new vessel, and we have entered into new long-term charter agreements with Dolphin Group. We continue to increase our focus in the market for advanced vessels, and solidify the position as a leading and highly experienced player in offshore operations in harsh environments. A solid market position combined with a strong financial position, allows us to continue evaluating growth opportunities and be optimistic for the continuation of 2013”, comments CEO Irene Waage Basili.

Press Release, February 25, 2013