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GC Rieber Shipping: GC Rieber Shipping - first quarter 2014 results

GC Rieber Shipping maintains stable and good operations, and delivers a good
result for the first quarter.

Total fleet utilisation was 89 percent in the quarter, down from 100 percent
in the corresponding period in 2013. The decrease is related to a planned
yard stay for the upgrading of "Polar Marquis", which will be ready for
operations second half of May 2014.

Operating revenues for the first quarter 2014 was NOK 167.9 million, down from
NOK 181.0 million in the first quarter 2013. EBITDA ended at NOK 74.9
million, compared to NOK 89.8 million, and corresponds to an EBITDA margin of
45 percent. The decrease is mainly related to reduced revenues following the
sale of "HMS Protector" in September 2013, and the rebuilding of "Polar

During the quarter, GC Rieber Shipping has sold its share in Reef Subsea and
taken delivery of the vessel "Polar Onyx".

GC Rieber Shipping had a profit of NOK 41.8 million in the first quarter,
compared to NOK 11.2 million in the corresponding period in 2013.

"First quarter past without any operational surprises, and the result was as
expected. We have restructured our portfolio and strengthened the focus on
the core business",
comments CEO Irene Waage Basili.

At the end of first quarter 2014, GC Rieber Shipping had a solid contract
backlog of NOK 3.1 billion with average contract duration of 2.6 years. The
contract coverage for 2014, 2015 and 2016 is 98 percent, 62 percent and 48
percent respectively.

Please find the report and presentation for the first quarter 2014 enclosed.

For further information, please contact:
CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88
About GC Rieber Shipping:
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 14 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
seismic vessel for delivery spring 2015.
The company is headquartered in Bergen and has a ship management company in
Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker
RISH. Further information is available on the company's

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q1 2014 Report
Q1 2014 Presentation


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: GC Rieber Shipping via Globenewswire


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