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GC Rieber Shipping – Second quarter results 2019

GC Rieber Shipping ASA had a fleet utilisation of 100% in the second quarter of 2019. The subsea and ice/support vessels have contract coverage of 44% for the remainder of the year while Shearwater GeoServices Shearwater has confirmed backlog of more than 26 vessel-months in the third and fourth quarter of 2019 following the award of multiple seismic acquisition contracts.

GC Rieber Shipping had operating income of NOK 91.9 million in the second quarter of 2019, compared with NOK 60.7 million in the corresponding period 2018. EBITDA was NOK 41.3 million, compared with NOK 9.3 million in the second quarter of 2018. The year-on-year increase was mainly due to higher vessel utilisation and early redelivery fee for the Ernest Shackleton.

Image: GC Rieber Shipping / Asmund Fredheim

Net profit for GC Rieber Shipping was NOK 93.9 million for the quarter, compared with a loss of NOK 9.0 million in the second quarter 2018. The positive result in the second quarter of 2019 reflected a book gain of NOK 101.6 million kroner from the Ernest Shackleton sale.

“We are very pleased with achieving full utilisation in the second quarter for our subsea and ice/support vessels. Despite an uptick in rates and activity for the summer season, the offshore market remains challenging with current market rates at an unsustainable level.,” said Einar Ytredal the CEO of GC Rieber Shipping. “In the marine seismic market, Shearwater has seen increased tendering activity with a positive effect on utilisation levels and pricing.”
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Source: GC Rieber Shipping

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