Rieber earnings soar

Norway's GC Rieber Shipping has posted a bigger profit for the first quarter as a loss from associated companies dropped off the balance sheet.
Irene Basili, CEO of GC Rieber Shipping

Irene Basili, CEO of GC Rieber Shipping

The seismic survey vessel owner said net earnings were NOK 41.2m ($6.94m) to 31 March, from NOK 11.2m in 2013.

It said it had maintained "stable and good operations" over the period.

Revenue declined to NOK 167.9m from NOK 181m.

In 2013, it was hit by a loss from associated companies of NOK 39.5m, however

Total fleet utilisation was 89%, down from 100% in the corresponding period in 2013, as one vessel went into drydock for upgrading.

"First quarter passed without any operational surprises, and the result was as expected. We have restructured our portfolio and strengthened the focus on the core business", said CEO Irene Waage Basili.

The contract backlog was NOK 3.1bn over the next 2.6 years, and contract coverage for 2014, 2015 and 2016 was 98%, 62% and 48% respectively.

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