Stock Exchange Notice
Date: 16 August 2018
GC Rieber Shipping - Second quarter results 2018 and invitation to webcast
GC Rieber Shipping ASA delivered high operational efficiency through the second quarter, despite challenging market conditions. New charter contracts were secured, leaving the subsea and ice/support vessels with a contract coverage of 92 percent for the remainder of 2018 and Shearwater fully booked through the third quarter of 2018.
GC Rieber Shipping had operating income of NOK 60.7 million in the second quarter of 2018, compared with NOK 92.6 million in the corresponding period of 2017. The operating profit for the second quarter was NOK 7.6 million, compared to an operating loss of NOK 4.7 million in the same period of 2017. Total fleet utilization for the reporting period was 92 percent.
"We are pleased to report high utilization with all vessels on charter for most of the second quarter. Despite positive developments in GC Rieber Shipping's main segments, market rates remain under pressure. We expect these conditions to persist for the rest of the year", says GC Rieber Shipping CEO, Christian W. Berg.
Please find the report and presentation for the second quarter 2018 enclosed.
A presentation via webcast of the company's results will be held on GC Rieber Shipping's website, www.gcrieber-shipping.com, 17 August at 8.30 a.m. A recorded version of the presentation will be available on the website after the webcast is finished.
For further information, please contact:
Christian W. Berg, CEO, phone: +47 974 05 553
Einar Ytredal, CFO, phone: +47 975 20 184
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, ice/support and marine seismic. The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.
GC Rieber Shipping currently operates and has direct and indirect ownership in 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.The company has its headquarter and a ship management office in Bergen, and an additional 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.
