GC Rieber Slips on Strong Dollar

GC Rieber Shipping has posted a net loss of NOK 36.3 million ($4.9 million) in the first quarter 2015, versus a net profit of NOK 41.2 million ($5.5 million) in first quarter 2014.

According to the company, weakening of NOK against USD in the quarter resulted in unrealised currency loss of NOK 72.7 million compared with unrealised gain of NOK 8.9 million in the first quarter of 2014.

GC Rieber Shipping had an operating revenue of NOK 233.9 million in the first quarter 2015, compared to NOK 167.9 million in the first quarter 2014. The approximately 33 per cent increase is mainly due to higher income from vessels in operation as well as currency gains.

EBITDA was NOK 114.0 million in first quarter 2015, compared to NOK 78.9 million in the corresponding period last year. Total fleet utilisation was 82 percent, compared to 87 percent in the same period last year.

“The operational results in GC Rieber Shipping have been positive in the first quarter 2015. Based on our solid contract coverage, there is reason to believe this trend will continue the rest of the year,” says CEO Irene Waage Basili.

In the first quarter, GC Rieber Shipping have entered a new time charter agreement for the subsea vessel “Polar King” with DOF Subsea Norway effective from April 2015, including options for additional work. Post-quarter, GC Rieber Shipping entered into a new five-year charter agreement with Sakhalin Energy Investment Company Ltd for the crewboats “Polar Baikal” and “Polar Piltun The new advanced seismic vessel “Polar Empress” will be delivered in the second half of May 2015, and enter directly on a five-year contract with Dolphin Geophysical.

At the end of March 2015, GC Rieber Shipping had a contract backlog of NOK 3.5 billion, with average contract duration of 2.5 years. The contract coverage for the remainder of 2015, year 2016 and year 2017 is 82 percent, 72 percent and 50 percent respectively.

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