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2016-05-12

GC Rieber Shipping: GC Rieber Shipping - first quarter 2016 results

GC Rieber Shipping ASA had an operating income of NOK 86.8 million in the
first quarter 2016, compared to NOK 223.9 million in the first quarter 2015.
EBITDA was negative by NOK 9.0 million in the quarter, compared to positive
NOK 114.0 million in the corresponding period 2015. The total fleet
utilization was 46 percent, compared to 84 percent in the first quarter 2015.

The group had a loss of NOK 93.7 million in the first quarter 2016, compared
to a loss of NOK 36.3 million in the corresponding period 2015. The negative
result in the first quarter 2016 is mostly due to the loss of long-term
contracts on the seismic fleet following the bankruptcy of Dolphin
Geophysical in December 2015, and the subsequent low activity in the subsea
and seismic segments.

"The market situation in the offshore segments is difficult, which has
affected our results", CEO Irene Waage Basili says. "In this challenging
market we have however secured charter contracts in the spot market for two
of our seismic vessels. We also secured a very interesting contract for our
subsea vessel, Polar King, with Nexans Skagerrak for commencement in January
2017, representing an entry into a new and exciting market for us in an
industry experiencing strong growth."

Please find the report and presentation for the first quarter 2016 enclosed.

A presentation via webcast of the company's results will be held on GC Rieber
Shipping's website, www.gcrieber-shipping.com, today at 08.30 a.m. A recorded
version of the presentation will be available on the website after the
webcast is finished.

For further information, please contact:

CEO Irene Waage Basili, tel: (+ 47) 55 60 68 67 / (+ 47) 900 98 688

CFO Einar Ytredal, tel: (+47) 55 60 68 54 / (+47) 975 20 184

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 specialized competence in offshore operations in harsh
environments as well as design, development and maritime operation of
offshore vessels.

GC Rieber Shipping currently operates 13 advanced special purpose vessels for
defined markets within the subsea, ice/support and marine seismic segments,
of which the company owns 11.

The company has it's headquarter and a ship management office in Bergen, and
an additional 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 website
www.gcrieber-shipping.com.

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

Q1 2016 Presentation
http://hugin.info/138654/R/2011927/745032.pdf
Q1 2016 Report
http://hugin.info/138654/R/2011927/745155.pdf

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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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