First quarter 2013 Fourth quarter 2012 Third quarter ...gcrieberstorage.blob.core.windows.net/gcrieber/... · 7 November 2013 / 19 . Title / TITLES IN UPPERCASE, STARTS WITH / (SLASH)

| GC RIEBER SHIPPING ASA |

Fourth quarter 2012

Bergen, 22 February 2013

/ First quarter 2013

Bergen 16 May 2013

Third quarter 2013 Bergen 7 November 2013


/ 2

Agenda

• Highlights Q3 2013

• Operational review

• Financial review

• Summary and outlook

7 November 2013


60 86

11

-6

439

-25

75

175

275

375

475

Q312 Q412 Q113 Q213 Q313

Highlights – Third quarter 2013

• Fleet utilisation of 96 percent

• EBITDA margin of 60 percent

• Sale of “HMS Protector”, booked gain of NOK 376 million

209 216 190 184

230

0

50

100

150

200

250

Q312 Q412 Q113 Q213 Q313

107 114

94 99

138

0

30

60

90

120

150

Q312 Q412 Q113 Q213 Q313

REVENUES NOK million

EBITDA NOK million

NET PROFIT NOK million

/ 3 7 November 2013


Operational Review Q3 2013

/ 4 7 November 2013


Subsea

• Fleet utilisation of 96 percent • Strong improvement from the

corresponding period last year from 89 percent

• EBITDA margin of 56 percent • Increased rates and improved utilisation

of the vessels

• Stable and good activity • Limited order backlog, but good demand

80 83

76 70

90

39

48

37 37

50

0

20

40

60

80

100

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

Operating income EBITDA

NOK million

/ 5 7 November 2013


Marine Seismic

• Fleet utilisation of 100 percent • Improvement from 97 percent in Q3 last

year

• EBITDA margin of 61 percent • Full utilisation of the fleet

• Challenging and uncertain market • Lower activity

• Reduced investments

• Weaker results from operators

93 92

78 78 80

41 37 34

41

49

0

20

40

60

80

100

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13


NOK million

/ 6 7 November 2013


Ice/Support

• Fleet utilisation 94 percent • Technical downtime for the crew boat

“Polar Baikal” gave lower utilisation than usual

• EBITDA margin of 65 percent • Booked gain of NOK 23 million due to

termination of UK Tax Lease agreement for “Ernest Shackleton”

• Stable development going forward

36 41

36 36

60

27 29 23 22

39

0

20

40

60

80

100

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13


NOK million

/ 7 7 November 2013


Related Investments: Reef Subsea

• Limited contribution of NOK 5.7 million in the quarter

• Challenging market

• Satisfying capacity utilisation for all vessels in the quarter

• Negative result of NOK 72.0 million per 30.09.2013

/ 8 7 November 2013

Polar Prince


• Advanced CSV subsea vessel • Expected delivery of “Polar Onyx” Q1 2014

• Contracted with Ceona Services (UK) Limited from delivery

• Construction according to plan and on budget

• Advanced 3D seismic vessel with ice-class 1A* • Expected delivery Q1 2015

• Contracted with Dolphin Geophysical from delivery

• Construction according to plan and on budget

• Option for one additional vessel of the same type

Vessels under construction on track

/ 9 7 November 2013


2013 2014 2015 2016 2017VESSEL CHARTERERSUBSEAPolar Queen BOA Marine Services

Polar King Reef Subsea

Polar Prince Reef Subsea

Polar Onyx Ceona Services Contract (5 yr) + Option (5 yr)MARINE SEISMICGeo Atlantic Fugro/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

Polar Pevek Exxon Neftegas

Polar Piltun Sakhalin Energy Inv.

Polar Baikal Sakhalin Energy Inv.

Fixed

Option

Q2 Q3 Q4Q3 Q4Q3 Q4 Q1 Q2 Q1Q2 Q3 Q4 Q1 Q2Q4Q1 Q2 Q3 Q1

Medium-term contract portfolio ensure revenue stability

Note: As at 30 September 2013

/ 10 7 November 2013


Contract backlog of NOK 3.1 billion, average duration of 2.5 years*

100%

80%

48%

0%

20%

40%

60%

80%

100%

from30.09.2013

2014 2015

Contract coverage

163

648 637

1,688

0

400

800

1200

1600

2000

from30.09.2013

2014 2015 2016-21

Contract backlog Utilization rate

NOK million

* Per 30 September 2013. Excluding charterers’ options



Financial Review Q3 2013



Income statements

NOK ‘000 Q3 2013 Q3 2012 YTD 2013 YTD 2012 2012

Operating income 230.1 208.8 603.6 565.5 781.2

EBITDA 137.9 106.9 331.4 263.1 376.7

EBIT 465.9 58.8 585.4 130.6 214.1

Net financial income and expenses - 6.4 4.6 - 156.1 - 27.1 -4.6

Profit before tax 459.5 63.4 429.3 103.5 209.6

Net profit in the period 439.0 60.2 444.5 108.5 199.2

Normalized profit before tax (1) 69.7 69.2 78.9 113.0 165.7

EPS 10.06 1.38 10.18 2.48 4.56

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



EBITDA contribution

39 48

37 37 50

41 37

34 41

49

27 29

23 22

39

0

20

40

60

80

100

120

140

160

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

Subsea Marine Seismic Ice/ Support

NOK million



Balance sheet per 30.09.2013

2,909

64 182

793

2,247

1,378

322

0

1 000

2 000

3 000

4 000

Assets Equity & Liabilities

Fixed assets Intangible assets Other current assetsCash & liquid assets Shareholder's equity Long-term liabilitiesCurrent liabilities

• Total balance NOK 3 947 million • Net debt position NOK 753 million

• Total debt of NOK 1 544 million • Average duration of loan portfolio is

3.1 years • Available revolving facility of

NOK 250 million

• Equity ratio 57 percent

NOK million



Outlook

• Overall market drivers more moderate: • Oil price remains stable at a high level

• Sector investments expected to decrease in 2014

• Important with cost efficient and predictable solutions

• Expected trends in segments: • Subsea: Relatively good activity, limited order backlog

• Marine Seismic: Uncertain prospects, marked by lower activity, reduced investments and weaker results. Focus on high quality vessels and long-term relations

• Ice/support: Stable development going forward



Summary

• Stable and good fleet utilisation • Balanced contract portfolio, all vessels on charter

• EBITDA margin of 60 percent

• Sale of “HMS Protector” • Cash effect of NOK 485 million

• Strong financial capacity to assess new opportunities

• Reef Subsea • Limited contribution in a challenging market



/ 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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First quarter 2013 Fourth quarter 2012 Third quarter ...gcrieberstorage.blob.core.windows.net/gcrieber/... · 7 November 2013 / 19 . Title / TITLES IN UPPERCASE, STARTS WITH / (SLASH)