GC Rieber Shipping - Earnings Release 2021

GC Rieber Shipping: Third quarter results 2021

GC Rieber Shipping reported an operating income of NOK 29.1 million in the third

quarter of 2021, compared with NOK 83.0 million in the corresponding period of

2020. EBITDA was NOK 196.3 million, compared with an EBITDA of NOK 3.6 million

in the third quarter of 2020. The increase in EBITDA is mainly due to the sale

of Shearwater shares in July 2021.

GC Rieber Shipping had a net profit of NOK 180.1 million in the third quarter of

2021, while net loss in the third quarter of 2020 was NOK 27.5 million.

The sale of Shearwater shares in July 2021 strengthened GC Rieber Shipping`s

cash position, and the company paid an additional dividend in October 2021 of

NOK 106 million in total.

With the latest amendments to the company's credit facility, material changes

introduced in 2018 have been restored and investment and dividend restrictions

have been removed.

"We are pleased to see solid operational performance by our vessels in the third

quarter with utilisation of 100%, although lower activity is expected in the

Subsea & Renewables markets as we enter the winter season", said Einar Ytredal,

CEO of GC Rieber Shipping. "The company's cash holding increased significantly

in the quarter. Accompanied with the removal of dividend and investment

restrictions, GC Rieber Shipping has strengthened its position and is seeking

new investment opportunities."

Please find the report and presentation for the third quarter of 2021 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.

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