GC Rieber: Interim report first half year 2017





Key events in the first half year 2017

  • Fleet utilization of 81 percent in a continued challenging market
  • Total loss of NOK 84.6 million, compared with a loss of NOK 547.5 million in 2016
  • Contract backlog of NOK 463 million
  • Continued restructuring efforts and focus on cost reductions 
  • Events after the end of the period
  • Christian W. Berg appointed as CEO. He will take on his new position 18th of August.

Operational Review

GC Rieber Shipping operates and has direct and indirect ownership in 11 vessels within the segments subsea, ice/support and marine seismic.

Capacity utilisation and contract backlog

The fleet capacity utilisation of 81 percent in the first half year was higher than the corresponding period for 2016 (45 percent). «Polar King» has been operating the whole period. «Polar Onyx» and «Polar Queen» have been operating from mid-March 2017.

Per 1 July 2017, the company has a contract backlog of NOK 463 million. As shown in the table below, contract coverage for the last two quarters of 2017, year 2018 and year 2019 is 83 percent, 56 percent and 33 percent, respectively.

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