GC Rieber Shipping posts results for first quarter 2013
GC Rieber Shipping reports a good first quarter, with stable operations and full fleet utilization, said in the company's press release. The company has contracted a new high capacity seismic vessel, and entered into several long term contracts. The market for advanced vessels in the seismic, subsea and ice/ support segments are considered good, and GC Rieber Shipping is well positioned for further growth.
The operating income for the first quarter was NOK 189.6 million, representing an increase of 15 percent from the first quarter in 2012. EBTIDA amounted to NOK 94.3 million, compared with NOK 69.4 million in the corresponding period last year, and represents an EBITDA margin of 50 percent for the quarter. Net profit for the first quarter ended at NOK 11.2 million, and normalized profit for the period was NOK -0.3 million. The result shows an improvement compared to last year, but is affected by losses in the associated company Reef Subsea.
By the end of the first quarter 2013, GC Rieber Shipping had a solid contract backlog of NOK 3.5 billion, with average contract duration of approximately 3 years. The company had a fleet utilization of 100 percent in the quarter, compared with 92 percent in the same period 2012.
"We are very satisfied with another good quarter, marked by stable operations and full fleet utilization. Solid financial position and contract backlog, position the company for interesting investment opportunities going forward. The last two quarters, has Reef Subsea been substantially exposed towards the North Sea, and the company result is marked by low utilization through a challenging winter", comments CEO Irene Waage Basili.
GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic. The group has a unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels.
GC Rieber Shipping currently operates 15 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which 11 are owned by the company. In addition, the company has one subsea vessel under construction for delivery spring 2014, and one seismic vessel for delivery spring 2015.
The company is headquartered in Bergen with ship management companies in Sevenoaks (UK) and Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.
