GC Rieber Shipping - Earnings Release 2021

GC Rieber Shipping: First quarter results 2021

GC Rieber Shipping's reported operating income of NOK 24.5 million in the first

quarter 2021, compared with NOK 44.4 million in the corresponding period of

2020. EBITDA was negative NOK 31.0 million, compared with an EBITDA of negative

NOK 62.1 million in the first quarter of 2020 which included a non-cash gain of

NOK 52.6 million.

GC Rieber Shipping had a net profit of NOK 121.9 million in the first quarter of

2021. The sale of the vessel Polar Queen in March 2021 gave a gain of NOK 21.0

million, in addition the sale triggered the recycling of foreign currency

translation differences of NOK 155.2 million (non-cash effect). Net loss in the

first quarter of 2020 was NOK 301.9 million including an impairment of the

Subsea & Renewables fleet with NOK 293.3 million as a result of global

uncertainties related to the Covid-19 pandemic.

"The addition of backlog in first quarter adds predictability for the summer

season and indicate that the gradual improvement of the subsea and renewables

market continues", Einar Ytredal, CEO of GC Rieber Shipping commented.

"Furthermore, the last year GC Rieber Shipping has succeeded in significantly

reducing its debt and thus strengthening its balance sheet".

Please find the report and presentation for the first quarter 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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