GC Rieber Narrows Loss

Norwegian offshore vessels provider, GC Rieber Shipping, has reported loss of NOK 59 million for the first quarter of 2018, compared with a loss of NOK 66 million in the prior year comparable period.

This comes down to loss per snare on NOK 1.03, versus NOK 1.52 in the corresponding period in 2017.

The Oslo-listed firm generated operating income of NOK 31 million in Q1 2018, down from NOK 40 million same time last year – mainly caused by low activity for the subsea and seismic vessels, and continued rate pressure.

GC Rieber’s fleet capacity utilization for the quarter was at 68 percent – up 1 percent from Q1 2017 .

From April 01, 2017, the company has a contract backlog of NOK 562 million.

Subsea World News Staff

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