GC Rieber Shipping - second quarter 2015 results

GC Rieber Shipping maintained stable and good operations in the second quarter
2015. The group had an operating revenue of NOK 240.8 million, compared to NOK
214.4 million in the second quarter 2014. EBITDA was NOK 141.7 million in the
second quarter, compared to NOK 113.3 million in the corresponding period last
year. Total fleet utilization was 89 percent, compared to 94 percent in the same
period last year.
The group had a net profit of NOK 103.4 million in the second quarter of 2015,
versus a net profit of NOK 43.5 million in the second quarter 2014. In June
2015, GC Rieber Shipping completed refinancing of five of its vessels.
«The underlying operations in the company have been positive in the second
quarter of 2015. Our contract coverage is good, however the current market
situation in the subsea and seismic segments is challenging and uncertain due to
the drop in oil prices and subsequent spending and activity levels», says CEO
Irene Waage Basili.
The group took delivery of the new advanced seismic vessel "Polar Empress",
which entered directly on a five-year contract with Dolphin Geophysical. In the
beginning of June, GC Rieber Shipping sold the CSV «Polar Prince».
In the second quarter, GC Rieber Shipping also entered into a new five-year
charter agreement with Sakhalin Energy Investment Company Ltd for the crewboats
"Polar Baikal" and "Polar Piltun.
At the end of the second quarter, GC Rieber Shipping had a contract backlog of
NOK 3.2 billion, with average contract duration of 2.4 years. The contract
coverage for the remainder of 2015, year 2016 and year 2017 is 91 percent, 79
percent and 61 percent respectively.
Please find the report and presentation for the second quarter 2015 enclosed. A
presentation via webcast of the company's results will be held on GC Rieber
Shipping's website, www.gcrieber-shipping.com, today at 08.30 a.m. A recorded
version of the presentation will be available on the website after the webcast
has concluded.

For further information, please contact:

CEO Irene Waage Basili, tel: (+ 47) 55 60 68 67 / (+ 47) 900 98 688
CFO Einar Ytredal, tel: (+47) 55 60 68 54 / (+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 13 advanced special purpose vessels for
defined markets within the subsea, ice/support and marine seismic segments, of
which the company owns 11.
The company has it's headquarter and a ship management office in Bergen, and an
additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is
listed on Oslo Børs with ticker RISH.
Further information is available on the company's website www.gcrieber-
shipping.no.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


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