first quarter 2013 bergen 16 may 2013 bergen, 22...

Bergen, 22 February 2013

/ First quarter 2013

Bergen 16 May 2013

First quarter 2014 Bergen 16 May 2014

15.05.2014 GC RIEBER SHIPPING 1

Agenda

• Highlights Q1 2014

• Operational review

• Financial review

• Summary and outlook


“Polar Onyx”

Stable first quarter

• Good underlying operations

• Solid contract backlog

• Fleet utilisation of 89%

• Delivery of “Polar Onyx”

• Sale of shares in Reef Subsea


“Polar Onyx”

Key figures

PUBLISERES

11

-6

439

-73

41

-100

0

100

200

300

400

500

Q113 Q213 Q313 Q413 Q114

181 174

215

176 168

0

50

100

150

200

250

Q113 Q213 Q313 Q413 Q114

90 94

126

66 75

0

30

60

90

120

150

Q113 Q213 Q313 Q413 Q114

REVENUES NOK million

EBITDA NOK million

NET PROFIT NOK million

Operational Review Q1 2014


Solid contract backlog of NOK 3.1 billion*

98%

62%

48%

34%

0%

20%

40%

60%

80%

100%

2014 2015 2016 2017

665 690 602

1 094

0

300

600

900

1 200

1 500

1 800

2014 2015 2016 2017-21


CONTRACT BACKLOG* NOK million

CONTRACT COVERAGE* Utilisation rate

* Excluding options

Contract portfolio with average duration of 2.6 years

PUBLISERES

VESSEL CHARTERERSUBSEAPolar Prince Reef SubseaPolar King Reef Subsea Option (15 months)Polar Queen BOA Marine ServicesPolar Onyx Ceona Services Contract (5 yr) + Option (5 yr)MARINE SEISMICPolar Duke Dolphin Geophysical Option (6x1yr)p p yPolar Duchess Dolphin Geophysical Option (4+2 yr)Polar Marquis* Dolphin Geophysical New contract (3.5 yr) + Option (2 x 2 yr)p p ySeismic Newbuild Dolphin Geophysical Contract (5 yr) + Option (2 x 3 yr) ICE/ SUPPORTPolar Piltun Sakhalin Energy Inv. Polar Baikal Sakhalin Energy Inv.Ernest Shackleton British Antarctic Survey Option (4x1yr)Polar Pevek Exxon Neftegas Long-term contract until 2021

Fixed

Option

Q3 Q4Q3 Q4 Q22014 2015 2016 2017

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1

Construction of seismic vessel on track

• Advanced seismic vessel

• Ice class 1A*

• Expected delivery in Q1 2015

• 5 years contract with Dolphin Geophysical from delivery

• Construction according to plan and on budget


“Seismic newbuild”

Subsea

• Fleet utilisation 99 percent

– 100 percent in Q1 2013

• Improved performance YoY

– Delivery of “Polar Onyx” primo March 2014

• Market

– Relatively stable activity

– Good demand for our vessels

76 70

90 82

94

37 37

50

32

46

0

20

40

60

80

100

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14Operating income EBITDA


KEY FIGURES NOK million

Marine Seismic


– Down from 100 percent in Q1 2013

• Reduced income and EBITDA

– Yard stay for upgrading of “Polar Marquis”

• Market

– Expectant market

– Sound order backlog

78 78 80 76

58

34 41

49

25 21

0

20

40

60

80

100




Ice/ Support


– Corresponding to Q1 2013

• Reduced activity YoY

– Sale of “HMS Protector”

• Market

– Generally stable development

27 26

45

18 16 19 16

28

9 8

0

20

40

60

80

100



Note: As of 01.01.2014 joint ventures are booked as financial items using the equity method. All figures have been restated accordingly.


Financial review Q1 2014


Income statement


NOK mill Q1 2014 Q1 2013 (2) 2013 (2)

Operating income 167.9 181.0 745.5 EBITDA 74.9 89.8 375.4

EBIT 41.2 60.4 621.9 Net financial income and expenses 0.6 - 69.6 - 260.5

Profit before tax 41.8 - 9.2 361.4

Net profit in the period 41.2 11.2 371.0 Normalized profit before tax (1) 32.9 - 0.3 81.8

Earnings per share 0.94 0.26 8.50

(1) Profit bef. tax adjusted for unrealised currency gains/losses, profit from disposals and write-downs (2) As of 01.01.2014 joint ventures are booked as financial items using the equity method. Figures from Q1 2013 and 31.12.2013 have been restated

accordingly.

Balance sheet per 31.03.2014

713 331

148

1849

3493

2232

58

0

1 000

2 000

3 000

4 000

5 000

Assets Equity & Liabilities

Intangible assets

Fixed assets

Other current assets

Cash & liquid assets

Equity

Long-term liabilities

Current liabilities

• Total balance NOK 4 412 million

• Equity ratio 50.6 percent

• Solid cash position

• Net debt NOK 1 324 million

– Total debt of NOK 2 180 million

– Average duration of loan portfolio is 3.6 years

– Available revolving facility of NOK 250 million


NOK million

Outlook

• Overall market

– Generally stable offshore market

• Expected trends in segments:

– Subsea: Good demand, focus on IMR services – Marine Seismic: Expect market to be upheld – Ice/support: Stable development, long-term focus


Summary

• Stable quarter

• Sale of Reef Subsea

• Delivery of “Polar Onyx”

• Improved quarterly result


“Polar Onyx”

/ THANK YOU FOR LISTENING !

Disclaimer

This quarter presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for GC Rieber Shipping ASA and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for GC Rieber Shipping’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although GC Rieber Shipping ASA believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. GC Rieber Shipping ASA nor any other company within the GC Rieber Shipping Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither GC Rieber Shipping ASA, any other company within the GC Rieber Shipping Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Presentation. GC Rieber Shipping ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation.


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