GC Rieber Shipping ASA had a fleet utilisation of 75% in the first quarter of
2020. The Subsea & Renewables and Ice/Support vessels have contract coverage of
84% for the remainder of 2020.
Operating income was NOK 44.4 million, compared with NOK 48.1 million in the
corresponding period of 2019. EBITDA was NOK 57.8 million, including a non-cash
gain of NOK 52.6 million from Shearwater's strategic vessel transaction with CGG
completed in January 2020, compared with an EBITDA of negative NOK 62.1 million
in the first quarter of 2019.
GC Rieber Shipping had a net loss of NOK 301.6 million in the first quarter of
2020, including an impairment of the Subsea & Renewables fleet with NOK 293.3
million as a result of current global uncertainties. Net loss in the first
quarter of 2019 was NOK 104.5 million.
"Uncertainty related to the COVID-19 outbreak and reduction in the oil price has
significant negative effect on the markets in which GC Rieber Shipping
operates.", said Einar Ytredal, CEO of GC Rieber Shipping. "Our focus is now on
supporting our crew and clients in these challenging operational circumstances,
and also on securing utilisation in what's expected to be a very tough winter
season."
Please find the report and presentation for the first quarter 2020 enclosed.
For further information, please contact:
Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47 479 02 919
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 & Renewables, Ice/Support and Marine Seismic.
The group has 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 and has direct and indirect
ownership in 29 advanced special purpose vessels for defined markets within the
Subsea & Renewables, Ice/Support and Marine Seismic segments.
The company has its headquarter and a ship management office in Bergen, and an
additional 50% 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.com.
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.