GC Rieber Releases First Quarter Results

GC Rieber Shipping reports a good first quarter, with stable operations and full fleet utilization…

The company has contracted a new high capacity seismic vessel, and entered into several long term contracts. The market for advanced vessels in the seismic, subsea and ice/ support segments are considered good, and GC Rieber Shipping is well positioned for further growth.

The operating income for the first quarter was NOK 189.6 million, representing an increase of 15 percent from the first quarter in 2012. EBTIDA amounted to NOK 94.3 million, compared with NOK 69.4 million in the corresponding period last year, and represents an EBITDA margin of 50 percent for the quarter. Net profit for the first quarter ended at NOK 11.2 million, and normalized profit for the period was NOK -0.3 million. The result shows an improvement compared to last year, but is affected by losses in the associated company Reef Subsea.

By the end of the first quarter 2013, GC Rieber Shipping had a solid contract backlog of NOK 3.5 billion, with average contract duration of approximately 3 years. The company had a fleet utilization of 100 percent in the quarter, compared with 92 percent in the same period 2012.

“We are very satisfied with another good quarter, marked by stable operations and full fleet utilization. Solid financial position and contract backlog, position the company for interesting investment opportunities going forward. The last two quarters, has Reef Subsea been substantially exposed towards the North Sea, and the company result is marked by low utilization through a challenging winter”, comments CEO Irene Waage Basili.

You can find the report and presentation for the first quarter below:

2013, First Quarter Report

 2013, First Quarter Presentation

Shortlink: