GC Rieber Shipping: Third quarter results 2019

Stock Exchange Notice

Date: 6 November 2019

GC Rieber Shipping: Third quarter results 2019

GC Rieber Shipping ASA had a fleet utilisation of 100% in the third quarter of 2019, resulting in full fleet utilisation for the two past quarters. The subsea and ice/support vessels have contract coverage of 71% for the remainder of the year, while Shearwater GeoServices (“Shearwater”) expect to keep the majority of the active fleet utilised over the coming winter season.

GC Rieber Shipping had operating income of NOK 74.2 million in the third quarter of 2019, compared with NOK 69.6 million in the corresponding period of 2018. EBITDA was NOK 65.4 million, compared with negative NOK 6.5 million in the third quarter of 2018. The year-on-year increase in EBITDA was mainly due to increased profitability in the associated company Shearwater.

Net profit for GC Rieber Shipping was NOK 17.3 million for the quarter, compared with a loss of NOK 53.2 million in the third quarter of 2018.

"We are pleased to see yet another quarter with full utilisation for our subsea and ice/support vessels. However, as we enter the winter season, lower utilisation is expected as activity decreases and more vessels become available in the market.”, said Einar Ytredal, CEO of GC Rieber Shipping. “In marine seismic, activity and rates continue to reflect an improved market.”

Please find the report and presentation for the third quarter 2019 enclosed.

For further information, please contact:

Einar Ytredal, CEO, phone:  184

Øystein Kvåle, CFO, phone; +47 479 02 919

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 and has direct and indirect ownership in 22 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. The company has its headquarter and a ship management office in Bergen, with an additional 50% owned 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 .

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

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