In GC Rieber Shipping’s financial reporting for the fourth quarter of 2021 the segment Subsea & Renewables is discontinued. This is due to the agreed sale of Polar Onyx as announced 20.12.2021.

Operating income from continuing operations was NOK 0.4 million in the fourth quarter of 2021, compared to NOK 0.3 million in the corresponding period of 2020. EBITDA from continuing operations were NOK 6.3 million, compared to negative NOK 0.7 million in the fourth quarter of 2020.

The net profit from continuing operations were NOK 8.6 million in the fourth quarter of 2021, compared to a net loss of NOK 13.1 million in the corresponding period of 2020. Including profit from discontinuing operations, net loss in the fourth quarter was negative NOK 71.3 million, compared to a net loss of NOK 44.9 million in the fourth quarter of 2020.

Preliminary net profit for the full year 2021 from continuing operations were NOK 139.0 million, and NOK 177.9 million including discontinued operations.

A dividend of NOK 0.50 per share will be proposed to the annual general meeting in 2022.

At year-end, GC Rieber Shipping’s cash holding was NOK 482.7 million.

“In 2020, GC Rieber Shipping made a strategic decision to become a pure shipowner and project-house with focus on developing profitable and sustainable maritime projects. The sale of Polar Onyx, the final asset in GC Rieber Shipping’s Subsea & Renewables segment, concludes this transformation”, Einar Ytredal, CEO of GC Rieber Shipping commented. “Following the sale, GC Rieber Shipping will emerge debt free with significant investment capacity, ready to invest in new vessel solutions contributing to the energy shift.”
Source: GC Rieber Shipping