q4 2013 presentasjon -...

| GC RIEBER SHIPPING ASA |

Fourth quarter 2012

Bergen, 22 February 2013

/ First quarter 2013

Bergen 16 May 2013Fourth quarter 2013Bergen 24 February 2014


/ 2

Agenda

• Highlights Q4 2013

• Operational review

• Financial review

• Summary and outlook

24 February 2014


91

11

‐6

439

‐73-100

0

100

200

300

400

500

Q412 Q113 Q213 Q313 Q413

Highlights – Fourth quarter 2013

• EBITDA margin of 41 percent

• Contract extension for three vessels

• Proposed dividend of NOK 4 per share

216190 184

230

192

0

50

100

150

200

250

Q412 Q113 Q213 Q313 Q413

114

94 99

138

78

0

30

60

90

120

150

Q412 Q113 Q213 Q313 Q413

REVENUESNOK million

EBITDANOK million

NET PROFITNOK million

/ 324 February 2014


Post-quarter events

• Sale of shares in Reef Subsea to HitecVision

• Sales price NOK 175 million• Negative effect of NOK 83 million in

Q4 2013• Negative effect of NOK 156 million

in 2013

• Closing of transaction expected end of February 2014

• GC Rieber Shipping focus on core business

Polar Prince


Operational Review Q4 2013

/ 524 February 2014


Subsea

• Fleet utilisation of 98 percent • 99 percent same period last year

• EBITDA margin of 38 percent• Planned yard stay for one vessel• “Ernest Shackleton” had less

operating time within subsea than last year

• Market • Activity remained stable • Upside potential expected

8376

70

9082

48

37 37

50

32

0

20

40

60

80

100

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13

Operating income EBITDA

NOK million

/ 624 February 2014


Marine Seismic

• Fleet utilisation of 74 percent• Down from 96 percent in Q4 2012• Yard stay for rebuilding of “Polar

Marquis”*

• EBITDA margin of 33 percent• Yard stay “Polar Marquis”

• Market

• Activity upheld

• Better than expected• Improved backlog

92

78 78 8076

37 3441

49

25

0

20

40

60

80

100

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13


NOK million

/ 724 February 2014

* Former “Geo Atlantic”. Name change in relation to change of charterer


Ice/Support

• Fleet utilisation 98 percent • Up from 93 percent Q4 2012

• EBITDA margin of 62 percent• Sale of “HMS Protector”

• Market

• Stable development41

36 36

60

3429

23 22

39

21

0

20

40

60

80

100

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13


NOK million

/ 824 February 2014


• “Polar Onyx” - advanced CSV subsea vessel• Construction according to plan and on budget• Delivery end of February 2014• Contracted with Ceona Services (UK) Limited

from delivery

• Advanced 3D seismic vessel with ice-class 1A*• Expected delivery in Q1 2015• Contracted with Dolphin Geophysical from

delivery• Construction according to plan and on budget

Construction of vessels on track

/ 924 February 2014


VESSEL CHARTERERSUBSEAPolar Queen BOA Marine Services

Polar King Reef Subsea Option (15 months)Polar Prince Reef Subsea

Polar Onyx Ceona Services Contract (5 yr) + Option (5 yr)MARINE SEISMICPolar Marquis* Dolphin Geophysical New contract (3.5 yr) + Option (2 x 2 yr)Polar Duchess Dolphin Geophysical Option (4+2 yr)p p yPolar Duke Dolphin Geophysical Option (6x1yr)p p ySeismic Newbuild Dolphin Geophysical Contract (5 yr) + Option (2 x 3 yr) ICE/ SUPPORT

Ernest Shackleton British Antarctic Survey Option (4x1yr)Polar Pevek Exxon Neftegas Long-term contract until 2021

Polar Piltun Sakhalin Energy Inv.

Polar Baikal Sakhalin Energy Inv.

Fixed

Option

2014 2015 2016 2017Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q3 Q4Q3 Q4 Q2

Contract portfolio with revenue stability

Note: As at 31 December 2013

/ 1024 February 2014

* Former “Geo Atlantic”


Contract backlog of NOK 3.3 billion, average duration of 2.7 years*

97%

62%

48%

0%

20%

40%

60%

80%

100%

2014 2015 2016

843701

611

1 111

0

400

800

1 200

1 600

2014 2015 2016 2017-21


Contract coverage (utilisation rate) Contract backlog (NOK million)


Financial ReviewQ4 2013



Income statements

NOK mill Q4 2013 Q4 2012 2013 2012

Operating income 192.2 215.6 795.7 781.2

EBITDA 77.8 113.7 409.3 376.7

EBIT 42.6 83.5 628.0 214.1

Net financial income and expenses -110.4 22.5 -266.5 -4.6

Profit before tax -67.8 106.0 361.5 209.6

Net profit in the period -73.5 75.6 371.0 199.2

Normalized profit before tax (1) 2.9 52.8 81.8 165.7

EPS -1.68 2.08 8.50 4.56

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



EBITDA contribution

4837 37

5032

3734 41

49

25

29

2322

39

21

0

40

80

120

160

Q4 12 Q1 13 Q2 13 Q3 13 Q4 13

Subsea Marine Seismic Ice/ Support

NOK million



Balance sheet per 31.12.2013

717

194

2914

59

353

1 333

2198

0

1 000

2 000

3 000

4 000

Assets Equity & Liabilities

Cash & liquid assets Other current assets Fixed assetsIntangible assets Current liabilities Long-term liabilitiesShareholder's equity

• Total balance NOK 3 884 million

• Net debt position NOK 798 million• Total debt of NOK 1 513 million• Average duration of loan portfolio is

2.9 years• Available revolving facility of

NOK 250 million

• Equity ratio 56.6 percent

NOK million



Outlook

• Overall market drivers remains fairly stable• Oil price at level with last quarters• Reduced investments in the sector going forward• Stronger cost focus trigger competition and forming of alliances• Stronger demand for solutions aimed for deep water and harsh conditions

• Expected trends in segments:• Subsea: Upside potential• Marine Seismic: Improved prospects, activity expected to sustain• Ice/support: Stable development



Summary

• Weaker revenues and quarterly result

• Rebuilding of “Polar Marquis”

• Sale of “HMS Protector”

• Sale of Reef Subsea post-quarter

• EBITDA margin of 41 percent

• Contract extension for three vessels

• Proposed dividend of NOK 4 per share



/ 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.


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