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2016-02-19

GC Rieber Shipping: GC Rieber Shipping - fourth quarter 2015 results

The group had an operating income of NOK 179.0 million, compared to NOK 258.5
million in the fourth quarter 2014. EBITDA was negative by NOK 108.0 million
in the quarter, compared to NOK 130.2 million in the corresponding period
2014. Total fleet utilization was 73 percent, compared to 100 percent in the
fourth quarter 2014. EBITDA for 2015 was NOK 398.2 million compared to 453.5
million in 2014.

The group had a loss of NOK 400.1 million in the fourth quarter of 2015,
compared to a loss of NOK 201.4 million in the corresponding period 2014.
This includes a loss of NOK 189.7 million on accounts receivables related to
the Dolphin Geophysical bankruptcy. Further, due to reduction in market
values for the fleet in the highly challenging offshore market as well as
uncertainty related to the vessels future earnings, impairments totaling NOK
132.8 million for the fleet, has been made for the fourth quarter 2015. Total
impairments of the fleet for the fiscal year 2015 is NOK 251.6 million. In
addition, deferred tax assets of NOK 64 million has been charged as an
expense in the fourth quarter 2015. Preliminary annual loss for 2015 is NOK
307.7 million compared with a loss of NOK 80.1 million the previous year.

"The results in the 4th quarter are affected by significant non-recurring
items such as the bankruptcy of a large client, impairments and charging of
deferred taxes. The current market situation in the offshore segments is
challenging to say the least, and unfortunately is affecting just about
everyone operating in this space "CEO Irene Waage Basili says. She emphasizes
that the company has a continued focus on adapting vessel and organizational
operations to a considerably lower cost level in 2016. In addition she adds,
"Our conservative financial strategy has proven to be wise and will enable us
to navigate in the market moving forward."

At the end of the fourth quarter 2015, GC Rieber Shipping had a contract
backlog of NOK 0.8 billion. The contract coverage for the years 2016, 2017
and 2018 is 43 percent, 36 percent and 22 percent respectively.

Please find the report and presentation for the fourth quarter 2015 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.

Q4 2015 Report
http://hugin.info/138654/R/1987460/729505.pdf
Q4 2015 Presentation
http://hugin.info/138654/R/1987460/729506.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

HUG#1987460

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