Norway: GC Rieber Shipping Reports Good Progress in 2011

– 2011 was a year of good progress for GC Rieber Shipping, said CEO Irene W. Basili as the Company announced fourth quarter and full year financial figures today.

– Operating revenue increased by NOK 65 million and operating profit before depreciation and capital gains by NOK 91 million. This reflects the fact that we have had a good year operationally. When we simultaneously have increased our order backlog of NOK 430 million and completed an extensive investment program, we can’t be anything but pleased, Irene said and added: – Now we are prepared for new investments in a market that we view as more positive than for a long time.

Main figures for 2011:

* Operating revenue NOK 626 million (2010: 561)

* EBITDA NOK 267 millioner (176)

* Profit after tax NOK 115 millioner (147)

*2010 includes capital gains of NOK 272 million

The last quarter of the year was also satisfying; operating revenue was up 78 per cent compared to the same quarter previous year, and EBITDA increased by 63 million.

GC Rieber Shipping’s operating revenue in the fourth quarter was NOK 183.1 million compared with NOK 103.2 million in the fourth quarter of 2010. Operating profit before depreciation (EBITDA) in the quarter was NOK 73.4 million, up from NOK 10.5 million in fourth quarter 2010. This gives an operating margin (EBITDA) of 40 percent compared with 10 percent in same period the year before. The new subsea vessel “Polar Queen” started operations in the Gulf of Mexico in November. Some minor off hire issues explain why the company does not have 100% fleet utilization in the fourth quarter.

The delivery of “Polar Duchess” from the Spanish shipyard in October marks the conclusion of a comprehensive investment program. In total, approximately NOK 1.6 billion has been invested in four new vessels representing a significant upgrade of the fleet. “Polar Duchess” is undergoing a minor modification at Bergen Yard before it starts work for Dolphin Geophysical.

Key financial figures for the 4th quarter 2011:

* Operating income of NOK 183.1 million. (NOK 103.2 million in Q4 2010)

* EBITDA of NOK 73.4 million (NOK 10.5 million)

* Profit after tax and non-controlling interest of NOK 15.8 million (-144.3 million)

* Normalized profit before tax was NOK 40.1 million. (NOK -49.9 million)

* Liquid assets and net interest-bearing debt of NOK 459 million and NOK 1 269 million as of 31.12.2011

* Order backlog of NOK 2 206 million

* The Board of Directors proposes a dividend of NOK 0.5 per share, in total NOK 21.8 million

About GC Rieber Shipping:

GC Rieber Shipping’s business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management, project development and industrial portfolio management within the segments subsea, ice/support and marine seismic. The group has a unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels.

GC Rieber Shipping currently operates 18 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which 12 are owned by the company. This includes GC Rieber Shipping’s ownership in Armada Seismic.

The company is headquartered in Bergen with ship management companies in Sevenoaks (UK) and Yuzhno-Sakhalinsk (Russia).

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Subsea World News Staff , February 24, 2012;  Image: GC Rieber Shipping