GC Rieber Takes NOK 400 Mln Hit

GC Rieber Shipping, has booked quarterly loss of NOK 400.1 million, compared with loss of NOK 201.4 million in 2014, due to loss from the bankruptcy of Dolphin Geophysical, impairment of the fleet and expensing of previously capitalized deferred tax assets.

The loss of NOK 189.7 million is related to the Dolphin Geophysical bankruptcy, while Q4 fleet impairments totaled NOK 132.8 million. Total impairments of the fleet for the fiscal year 2015 is NOK 251.6 million.

In addition, deferred tax assets of NOK 64 million has been charged as an expense in the fourth quarter 2015.

Preliminary annual loss for 2015 is NOK 307.7 million compared with a loss of NOK 80.1 million the previous year.

Furthermore the Norwegian provider of offshore vessels, had an operating income of NOK 179.0 million, compared to NOK 258.5 million in the fourth quarter 2014.

Total fleet utilization was 73 percent, compared to 100 percent in the fourth quarter 2014. EBITDA for 2015 was NOK 398.2 million compared to 453.5 million in 2014.

“The results in the 4th quarter are affected by significant non-recurring items such as the bankruptcy of a large client, impairments and charging of deferred taxes. The current market situation in the offshore segments is challenging to say the least, and unfortunately is affecting just about everyone operating in this space,” says CEO Irene Waage Basili.

At the end of the fourth quarter 2015, GC Rieber Shipping had a contract backlog of NOK 0.8 billion compared with NOK 3.4 billion last year.

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