Following the sale of Polar Onyx in February 2022, the Subsea & Renewables segment is presented as discontinued operations in the financial reporting.

Operating income from continuing operations was NOK 0.6 million in the first quarter of 2022, the same as in the corresponding period of 2021. EBITDA from continuing operations were negative NOK 53.3 million, including impairment loss of NOK 53.9 million related to GC Rieber Shipping’s business in Russia. EBITDA in the first quarter of 2021 were negative NOK 31.2 million for comparison. Net loss from continuing operations was NOK 58.1 million in the first quarter of 2022, compared to a net loss of NOK 32.2 million in the corresponding period of 2021.

Including profit from discontinuing operations of NOK 272.2 million, mainly related to recycled foreign currency translation differences (non-cash effect), net profit was NOK 214.1 million in the first quarter of 2022. Net profit in the corresponding period of 2021 was NOK 121.9 million.

GC Rieber Shipping is currently debt free and had a cash holding of NOK 616.6 million at the end of the first quarter.

“Following the sale of Polar Onyx, with successful delivery to her new owners in February 2022, GC Rieber Shipping is debt free and holds significant investment capacity”, Einar Ytredal, CEO of GC Rieber Shipping commented. “GC Rieber Shipping is currently developing several innovative designs, predominantly focused on supporting the energy transition and to reduce environmental footprints. Building on the company`s strong heritage of managing complex customer requirements and technologies, GC Rieber Shipping is uniquely positioned to develop tailor-made and innovative solutions for customers world-wide.”
Source: GC Rieber Shipping