Norway: GC Rieber Shipping’s Third Quarter Revenues Increase

Third quarter 2012 was operationally a very good quarter for the company. The operating margin (EBITDA) was 51 percent in the quarter. – Strong operation is the result of a modern fleet and skilled employees, says CEO Irene W. Basili who focuses on the opportunities this creates: – We have a contract coverage that gives us predictable and good revenues going forward, assuming steady operations.

Key financial figures of 3 quarter of 2012:

– Operating revenue NOK 208.8 million (NOK 170.7 million in Q3 2011)

– EBITDA of NOK 106.9 million (NOK 83.3 million)

– Profit after tax and non-controlling interests of NOK 60.2 million (NOK 50.1 million)

– Normalized profit before tax was NOK 69.2 million (NOK 49.8 million)

– Liquid assets and net interest-bearing debt of NOK 272 million and NOK 1,476 mill. at 30 September 2012

– Contract backlog of NOK 1 724 million

Revenue in the quarter was NOK 208.8 million, an increase of 22 percent compared with the third quarter of 2011. Operating profit before depreciation (EBITDA) was NOK 106.9 million was NOK 23.6 million or 28 percent higher than last year’s third quarter. Profit after tax for the period was NOK 56.3 million, of which related investment Reef Subsea contributed positively with NOK 13.4 million.

All four new vessels that were ordered in 2009/10 were in operation during the quarter. Capacity utilization in the quarter was high. The company has recently entered into a contract with the new contractual partner, Boa Marine Services, for the “Polar Queen”. – BOA Group is a new and exciting customer that we look forward to work with, comments Basili.

The company has extended its contract with Reef Subsea for the “Polar Prince” to December 2014. Reef Subsea, where GC Rieber Shipping owns 50 percent, has established itself as an integrated subsea contractor, and “Polar Prince” represents an important vessel in their portfolio.

GC Rieber Shipping has at the end of the third quarter, a total contract portfolio of 1.72 billion, with an average duration of contracts of 2.2 years. – Our fleet is fully employed with emphasis on medium-term contracts, says Basili, and continues: – This provides good visibility. Combined with an attractive development in our market segments and financial flexibility this provides a good starting point for new investments, says Basili.

[mappress]
Press Release, November 16, 2012