GC Rieber Shipping - Earnings Release 2020

GC Rieber Shipping: Fourth quarter results 2020

GC Rieber Shipping ASA had a fleet utilisation of 81% in the fourth quarter of

2020. Operating income was NOK 27.8 million, compared with NOK 43.1 million in

the corresponding period of 2019. EBITDA was NOK 1.9 million, compared with NOK

42.3 million in the fourth quarter of 2019. The year-on-year decrease in EBITDA

is explained by the sale of Polar King which had full utilisation in the

corresponding quarter of 2019, and a non-cash loss from share issues in

associated companies in the fourth quarter of 2020.

GC Rieber Shipping had a net loss of NOK 44.9 million in the fourth quarter of

2020 including impairment of the Subsea & Renewables fleet of NOK 37.1 million,

compared with a net profit of NOK 7.6 million in the fourth quarter of 2019.

Preliminary net profit for the full year 2020 was negative NOK 495.3 million,

including impairment of the Subsea & Renewables fleet of NOK 459.1 million.

"The fourth quarter concludes a year with significant uncertainty. Operational

uptime has been satisfactory, but the lack of predictability has led to material

impairment of the fleet throughout the year", Einar Ytredal, CEO of GC Rieber

Shipping commented. "Although current market conditions are challenging, outlook

is more positive for the upcoming summer season."

Please find the report and presentation for the fourth quarter 2020 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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