Following the sale of Polar Onyx in February 2022, the Subsea & Renewables
segment is presented as discontinued operations in the financial reporting.
Operating income from continuing operations was NOK 0.6 million in the first
quarter of 2022, the same as in the corresponding period of 2021. EBITDA from
continuing operations were negative NOK 53.3 million, including impairment loss
of NOK 53.9 million related to GC Rieber Shipping’s business in Russia. EBITDA
in the first quarter of 2021 were negative NOK 31.2 million for comparison. Net
loss from continuing operations was NOK 58.1 million in the first quarter of
2022, compared to a net loss of NOK 32.2 million in the corresponding period of
2021.
Including profit from discontinuing operations of NOK 272.2 million, mainly
related to recycled foreign currency translation differences (non-cash effect),
net profit was NOK 214.1 million in the first quarter of 2022. Net profit in the
corresponding period of 2021 was NOK 121.9 million.
GC Rieber Shipping is currently debt free and had a cash holding of NOK 616.6
million at the end of the first quarter.
“Following the sale of Polar Onyx, with successful delivery to her new owners in
February 2022, GC Rieber Shipping is debt free and holds significant investment
capacity”, Einar Ytredal, CEO of GC Rieber Shipping commented. “GC Rieber
Shipping is currently developing several innovative designs, predominantly
focused on supporting the energy transition and to reduce environmental
footprints. Building on the company`s strong heritage of managing complex
customer requirements and technologies, GC Rieber Shipping is uniquely
positioned to develop tailor-made and innovative solutions for customers world
-wide.”
Please find the report and presentation for the first quarter 2022 enclosed.
Contact information:
Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47 479 02?919
About GC Rieber Shipping:
GC Rieber Shipping is a shipowner and project-house with focus on developing
profitable and sustainable maritime projects.
Further information about the company, please go to www.gcrieber-shipping.com.
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.