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Bad markets pulling Norwegian offshore carrier into the red

There are several bright spots in the offshore market for the short term, says Norwegian GC Riever, despite the fact that the first quarter saw a challenging business environment and new deficit for the offshore carrier.

GC Rieber
Photo: GC Rieber

The markets remain tough for offshore carrier GC Rieber, which has emerged from the first three months of the year with a new deficit. Nevertheless, the carrier sees potential for increased activity in the near future.

Operating earnings were reduced by NOK 8.8 million (USD 1.09 million) to NOK 31.4 million over the period. On the bottom line, the net deficit landed at NOK 59.1 million against a deficit of NOK 66.3 million at the beginning of 2017, primarily due to low activity.

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