First quarter 2015 -...

First quarter 2015Bergen 13 May 2015

12.05.2015 GC RIEBER SHIPPING1

Agenda

• Highlights Q1 2015

• Operational review

• Financial review

• Summary and outlook


“Polar Marquis”

Highlights first quarter

• Stable and good operations

• Fleet utilisation of 84 %

• New time charter agreement for “Polar King”

• Reef Subsea bankruptcy


Key figures


41 44 47

‐201

‐36

‐250

‐150

‐50

50

150

250

Q114 Q214 Q314 Q414 Q115

168

214241

258

224

0

50

100

150

200

250

300

Q114 Q214 Q314 Q414 Q115

76

113

134 130114

0

30

60

90

120

150

180

Q114 Q214 Q314 Q414 Q115

REVENUESNOK million

EBITDANOK million

NET PROFITNOK million

Operational Review Q1 2015


Contract update

• New time charter agreement with DOF Subsea Norway AS for “Polar King”

– Fixed period of 100 days from April 2015

– Options for up to 5 months additional work

• New charter agreement with Sakhalin Energy Investment Company Ltd for the two crewboats “Polar Baikal” and “Polar Piltun”

– Five year duration, effective from June 2015


“Polar King”

Construction of new seismic vessel upon completion

• Advanced 3D seismic vessel with 22 streamers and ice class 1A*

• Expected delivery from Kleven Verft in May 2015

• 5 years contract with Dolphin Geophysical from delivery

12.05.2015 GC RIEBER SHIPPING 7

“Polar Empress”

Contract backlog of NOK 3.5 billion* per 31 March 2015

82%

72%

50%

0%

20%

40%

60%

80%

100%

From April 2015 2016 2017

841

955

773

916

0

300

600

900

1 200

From April 2015 2016 2017 2018‐22


CONTRACT BACKLOG*NOK million

CONTRACT COVERAGE*Utilisation rate

* Excluding options

Average duration of contract portfolio is 2.5 years

GC RIEBER SHIPPING

VESSEL CHARTERER

SUBSEAPolar PrincePolar King Dof Subsea Norway AS Option (5 m)Polar Queen BOA Marine Services Option (3x1yr)Polar Onyx Ceona Services Option (5yr)

MARINE SEISMICPolar Duke Dolphin Geophysical Option (1x6yr)p p yPolar Duchess Dolphin Geophysical Option (4+2 yr)Polar Marquis Dolphin Geophysical Option (2 x 2 yr)p p yPolar Empress* 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 (3x1 yr)Polar Pevek Exxon Neftegas Long‐term contract until 2021

Q2 Q3 Q4Q22019

Q1 Q2 Q3 Q42015 2016 2017

Q1Q1 Q2 Q3 Q4 Q1 Q2 Q12018

Q3 Q4Q3 Q4

Fixed Option

Fixed Option

Fixed Option

Note: Per April 2015

* Newbuild vessel, to be delivered spring 2015

Subsea

• Fleet utilisation 63 percent

– 100 percent in Q1 2014

– “Polar Prince” not in operation in the quarter

– “Polar King” not in operation parts of the quarter

• Market

– Uncertain and expectant

– Increased price pressure and time-consuming decision processes

94

132145 151

107

46

7280

56

32

0

40

80

120

160

200

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15Operating income EBITDA


KEY FIGURESNOK million

Marine Seismic



– Sound order backlog

– Fewer vessels in operation in Q1 2014 due to yard stay for “Polar Marquis”

• Market

– Turbulent, marked by price pressure and weak earnings

5867

90102

112

2130

47

6274

0

30

60

90

120

150




Ice/ Support



– Management agreement for “HMS Protector” expired September 2014

– EBITDA contribution of NOK 3,8 million from joint venture companies

• Market

– Generally stable development

16 16

6 6 5

911

7

12

8

0

10

20

30




Financial reviewQ1 2015


Income statement


NOK mill Q1 2015 Q1 2014 Operating income 223.9 167.9EBITDA 114.0 75.9

EBIT 54.2 41.2Net financial income and expenses -89.8 0.6

Profit before tax -35.6 41.8

Net profit in the period -36.3 41.2Normalized profit before tax (1) 37.1 32.9

Earnings per share -0.83 0.26

(1) Profit bef. tax adjusted for unrealised currency gains/losses, profit from disposals and write‐downs.

Balance sheet per 31.03.2015

459 601164

2221

4564

2428

63

0

1 000

2 000

3 000

4 000

5 000

6 000

Assets Equity & Liabilities

Intangible assets

Fixed assets

Other current assets

Cash & liquid assets

Equity

Long‐term liabilities

Current liabilities

• Total balance NOK 5 251 million

• Equity ratio 46.2 percent

• Solid cash position NOK 448.0 million

– Available revolving facility of NOK 250 million

• Net debt NOK 2 007 million

• Average duration of loan portfolio is 2.9 years


NOK million

Outlook

• Market view short term– Continued weak oil price cause continued pressure on cost cuts and

further reductions in the investment activity– Uncertainties related to political risk in the Russian region upheld

• Expected trends in segments– Subsea: Expectant, short term focus – Marine Seismic: Challenging market and weak results– Ice/support: Stable and unchanged activity


Summary

• Stable and good operations

• Net profit affected by unrealized currency loss

• New time charter for “Polar King”

Post-quarter:

• New time charter for crew boats “Polar Baikal” and “Polar Piltun”


“Polar Marquis”

Disclaimer

This quarter presentation includes and is based, inter alia, on forward-looking information andstatements 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, estimatesand projections about global economic conditions, the economic conditions of the regions andindustries that are major markets for GC Rieber Shipping ASA and its subsidiaries. Theseexpectations, estimates and projections are generally identifiable by statements containingwords such as "expects", "believes", "estimates" or similar expressions. Important factors thatcould 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 bemajor markets for GC Rieber Shipping’s businesses, oil prices, market acceptance of newproducts and services, changes in governmental regulations, interest rates, fluctuations incurrency 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 thisPresentation were based upon reasonable assumptions at the time when they were made, it cangive no assurance that those expectations will be achieved or that the actual results will be as setout in this Presentation. GC Rieber Shipping ASA nor any other company within the GC RieberShipping Group is making any representation or warranty, expressed or implied, as to theaccuracy, reliability or completeness of the information in the Presentation, and neither GCRieber Shipping ASA, any other company within the GC Rieber Shipping Group nor any of theirdirectors, officers or employees will have any liability to you or any other persons resulting fromyour use of the information in the Presentation. GC Rieber Shipping ASA undertakes noobligation to publicly update or revise any forward-looking information or statements in thePresentation.


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