GC Rieber Swings to Profit

Norwegian offshore vessels provider, GC Rieber Shipping, has reported total profit of NOK 52.6 million in the Q4 2016, compared with a loss of NOK 400.1 million in the Q4 2015.

The Oslo-listed firm generated operating income of NOK 34.5 million in the fourth quarter of 2016. This result compares with approximately NOK 35.4 million same time last year. The low income is mainly due to limited employment in the period.

The fleet capacity utilization was lower, down from 73 percent in Q4 2015 to 46 percent in Q4 2016. The vessels Polar Onyx, Polar King, Polar Queen and Polar Empress have been operating for shorter periods in the quarter. Polar Marquis and Polar Duchess have been without employment through the period, and Polar Duke has been cold stacked.

During the quarter the company also established Shearwater GeoServices, a 50/50 owned marine geophysical company, together with Rasmussengruppen.

From January 2017, the company has a contract backlog of NOK 554 million excluding backlog in Shearwater GeoServices.

Seismic

The operating income in the seismic segment amounted to NOK 13.1 million down from NOK 143.5 million in the corresponding period 2015.

GC Rieber Shipping had a capacity utilization of 21 percent for the seismic vessels in the fourth quarter 2016, compared with 75 percent in the corresponding period 2015.

The Polar Empress was on a two month contract while the three remaining vessels in the segment have been unemployed in the quarter.

Subsea

GC Rieber had a capacity utilization of 19 percent for the subsea vessels, compared with 44 percent in the corresponding period 2015.

Operating income amounted to NOK 30.3 million in the quarter, down from NOK 31.3 million in the corresponding period 2015. EBITDA ended at negative NOK 21.9 million in the fourth quarter 2016.

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