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GC Rieber Shipping: First quarter results 2019

GC Rieber Shipping ASA had a fleet utilisation of 84% in the first quarter. The subsea and ice/support vessels have contract coverage of 67% for the remainder of 2019 and a majority of the capacity on Shearwater GeoServices’s active fleet is booked through the second and third quarter of the year.

GC Rieber Shipping had operating income of NOK 48.1 million in the first quarter of 2019, compared with NOK 31.4 million in the corresponding period 2018. EBITDA was negative NOK 62.1 million, compared with negative NOK 21.6 million in the first quarter of 2018. The year-on-year change is mainly driven by the development in the marine seismic segment.

Image: GC Rieber Shipping

“The subsea market remains challenging with slower than expected recovery in utilisation and rates. In the seismic market, Shearwater has seen an up-tick in tendering activity over the last few months with a positive effect on utilisation and pricing into 2019,” said Einar Ytredal, the CEO of GC Rieber Shipping.

GC Rieber Shipping completed the sale of the icebreaking research vessel Ernest Shackleton to the new owner Istituto Nazionale di Oceanografia e di Geofisica Sperimentale on 9 May 2019. The positive cash effect from the transactions is approximately NOK 140 million.

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Source: GC Rieber Shipping

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