GC Rieber turns deficit into profit with one acquisition

An acquisition of Schlumberger's seismic business helped push Norwegian GC Rieber into the black, shows annual report.

Photo: GC Rieber

Offshore shipping company GC Rieber booked NOK 310 million (USD 35.9 million) on the acquisition of Schlumberger's seismic business, WesternGeo, which was completed in November through Shearwater Geoservices, a joint venture with Rasmussengruppen.

The Bergen-based shipping company thus turned a deficit into a profit with the transaction, which pushed GC Rieber to a combined operating profit, EBITDA, of NOK 273.7 million in the fourth quarter, says the company in its unaudited results for 2018.

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