GC Rieber Shipping ASA has strengthened its financial position through the first quarter of 2018 and is well positioned to benefit from an increasing activity level and an improved order backlog. The company has secured several new charter contracts. For the subsea and ice/support vessels GC Rieber Shipping has a contract coverage of 93 percent for the remaining of 2018, while Shearwater GeoServices is fully booked through the third quarter of 2018.

GC Rieber Shipping had an operating income of NOK 31.4 million in the first quarter 2018, compared to NOK 40.2 million in the same period 2017. EBITDA was negative by NOK 21.6 million in first quarter, compared to negative NOK 27.5 million in the corresponding period 2017. The operating result for the first quarter 2018 was negative NOK 50.7 million, compared to a loss of NOK 55.4 million in the corresponding period 2017. Total fleet utilization for the reporting period was 68 percent which is on the same level as the same period last year.

Image: GC Rieber Shipping

In March 2018, the Company completed the process of securing a three-year financial runway after the NOK 100 million Rights Issue and certain debt amendments agreed with the lenders. In combination with the successful establishment of the seismic company Shearwater GeoServices, this concludes the refinancing process of GC Rieber Shipping.

“GC Rieber Shipping’s markets remain challenging, but there are several positive signals when entering into the summer season. The positive trend is reflected in the order intake for both our subsea fleet and in our seismic joint venture Shearwater GeoServices. We have a leading fleet and strong offering in all our segments, and with an improved financial position, GC Rieber Shipping is well positioned in markets believed to develop favorably”, says GC Rieber Shipping CEO, Christian W. Berg.

Source: GC Rieber Shipping