Operating income from continuing operations was NOK 2.3 million in the second
quarter of 2022, compared to NOK 1.6 million in the corresponding period of
2021. EBITDA from continuing operations were NOK 35.6 million, including a
reversed impairment og NOK 35.1 million related to GC Rieber Shipping’s business
in Russia. EBITDA in the second quarter of 2021 were negative NOK 33.9 million
for comparison. Net profit from continuing operations was NOK 66.0 million in
the second quarter of 2022, including currency gains of NOK 30.6 million. Net
loss from continuing operations was NOK 34.5 million in the corresponding period
Following the sale of Polar Onyx in February 2022, the Subsea & Renewables
segment is presented as discontinued operations in the financial reporting.
Including profit from discontinuing operations, GC Rieber Shipping had a net
profit of NOK 66.0 million in the second quarter of 2022 and net loss of NOK
52.7 million in the second quarter of 2021.
GC Rieber Shipping is currently debt free and had a cash holding of NOK 620.9
million at the end of the second quarter.
“Following the successful termination of the long-term contract for the vessel
Polar Circle (prev. Polar Pevek), GC Rieber Shipping`s remaining activity in
Russia is limited. Polar Circle left Russia in June and is currently available
for new business opportunities”, Einar Ytredal, CEO of GC Rieber Shipping
commented. “Through inhouse expertise within naval architecture engineering,
commercialisation and newbuilding project management, GC Rieber Shipping has a
handful of projects currently under development. Project development continues
to be focused on supporting the energy transition and to reduce environmental
Please find the report and presentation for the second quarter 2022 enclosed.
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.