GC Rieber Shipping – First quarter results 2020

GC Rieber Shipping ASA had a fleet utilisation of 75% in the first quarter of 2020. The Subsea & Renewables and Ice/Support vessels have contract coverage of 84% for the remainder of 2020.

Operating income was NOK 44.4 million, compared with NOK 48.1 million in the corresponding period of 2019. EBITDA was NOK 57.8 million, including a non-cash gain of NOK 52.6 million from Shearwater’s strategic vessel transaction with CGG completed in January 2020, compared with an EBITDA of negative NOK 62.1 million in the first quarter of 2019.

GC Rieber Shipping had a net loss of NOK 301.6 million in the first quarter of 2020, including an impairment of the Subsea & Renewables fleet with NOK 293.3 million as a result of current global uncertainties. Net loss in the first quarter of 2019 was NOK 104.5 million.

“Uncertainty related to the COVID-19 outbreak and reduction in the oil price has significant negative effect on the markets in which GC Rieber Shipping operates.”, said Einar Ytredal, CEO of GC Rieber Shipping. “Our focus is now on supporting our crew and clients in these challenging operational circumstances, and also on securing utilisation in what’s expected to be a very tough winter season.”
Source: GC Rieber Shipping

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