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
15.05.2014 GC RIEBER SHIPPING 2
“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
15.05.2014 GC RIEBER SHIPPING 3
“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
15.05.2014 GC RIEBER SHIPPING 5
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
15.05.2014 GC RIEBER SHIPPING 6
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
15.05.2014 GC RIEBER SHIPPING 8
“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
15.05.2014 GC RIEBER SHIPPING 9
KEY FIGURES NOK million
Marine Seismic
• Fleet utilisation 67 percent
– 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
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14Operating income EBITDA
15.05.2014 GC RIEBER SHIPPING 10
KEY FIGURES NOK million
Ice/ Support
• Fleet utilisation 100 percent
– 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
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14Operating income EBITDA
15.05.2014 GC RIEBER SHIPPING 11
Note: As of 01.01.2014 joint ventures are booked as financial items using the equity method. All figures have been restated accordingly.
KEY FIGURES NOK million
Financial review Q1 2014
15.05.2014 GC RIEBER SHIPPING 12
Income statement
15.05.2014 GC RIEBER SHIPPING 13
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
15.05.2014 GC RIEBER SHIPPING 14
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
15.05.2014 GC RIEBER SHIPPING 15
Summary
• Stable quarter
• Sale of Reef Subsea
• Delivery of “Polar Onyx”
• Improved quarterly result
15.05.2014 GC RIEBER SHIPPING 16
“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.
15.05.2014 GC RIEBER SHIPPING 18