GC Rieber Net Profit Down in Q3

GC Rieber Shipping, a Norwegian provider of offshore vessels, reported operating revenue of NOK 336.6 million, compared to NOK 240.7 million in the third quarter 2014.

The group had net profit of NOK 25.3 million in the third quarter of 2015, versus a net profit of NOK 47.0 million in the third quarter 2014.

In addition, the company reported lower fleet capacity utilization than in the corresponding period in 2014: 87 percent, compared to 99 percent.

The subsea vessel “Polar Onyx” has been written down by NOK 119 million in the quarterly accounts.

GC Rieber Shipping terminated the charter agreement for the Polar Onyx in September due to charterers default in payment.

The vessel has therefore been without employment since the beginning of September.

The company also entered into a full and final settlement with the Administrators of Ceona, whereby GC Rieber will take ownership of the VLS tower on board the Polar Onyx.

Furthermore, the company secured charter agreement for the vessel with Marine Platforms Limited for 60 days, starting January 2016, with options to extend for up to two months.

In October, GC Rieber entered into an agreement with Dolphin Geophysical regarding early redelivery of “Polar Duke”, representing approximately USD 16 million in reduced hire payments.

The agreement includes extension of firm periods for “Polar Marquis” and “Polar Duchess” charters by 18 months.

“The underlying operations in the company have been positive in the third quarter of 2015, however the current market situation in the subsea and seismic segments is challenging and hampered by uncertainty throughout the whole value chain,” said CEO Irene Waage Basili.

At the end of the third quarter, GC Rieber Shipping had a contract backlog of NOK 2.7 billion, with average contract duration of 2.1 years.

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