GC Rieber Shipping Reports Best Quarterly Result in Company’s History

GC Rieber Shipping maintains its good underlying operations in all segments, and delivers its best quarterly result in the company’s history.

The company had an overall fleet utilisation of 96 percent, corresponding to the same level in the third quarter last year. Sale of vessel has released a substantial amount of cash and GC Rieber Shipping is well positioned for further growth.

Operating income for the third quarter amounted to NOK 230.1 million, representing an increase of 10 percent from the same quarter last year. EBITDA was NOK 137.9 million, up from NOK 106.9 million, and represents an EBITDA margin of 60 percent. Increase in EBITDA margin is primarily due to termination of existing UK Tax Lease agreement for the vessel “Ernest Shackleton”, which gave an accounting gain of NOK 22.7 million.

GC Rieber Shipping had a historical good result of NOK 439.5 million in the third quarter, compared to NOK 60.2 million in the same period in 2012. The great result is mainly due to the sale of the vessel “HMS Protector” in September 2013. Normalised profit after tax amounted to NOK 69.7 million.

“The good result in third quarter confirms the company’s sound underlying operations. Through the sale of “HMS Protector”, we released substantial funds, and we have strengthened our financial position further. As a part of our business model, strategic sale of vessels enables further investment in new vessels in our core markets “, comments CEO Irene Waage Basili.

As at 30 September 2013, GC Rieber Shipping had a solid contract backlog of NOK 3.1 billion with average contract duration of 2.5 years.

Press Release, November 07, 2013

 

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
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  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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