Norway’s GC Rieber says it plans to reduce its total headcount by 25% and its seafarer workforce by 28% during the first half of 2016 “in light of the uncertain market situation”.
The Oslo-listed company posted a NOK 400.1m ($46.7m) loss in its 4Q 2015 results today, almost double the NOK 201.4m ($23.5m) loss it booked in the same quarter 2014.
A loss of NOK 189.7m ($22.1m) was incurred for GC Rieber through Dolphin Geophysical’s declaration of bankruptcy. GC Rieber has two survey vessels on long-term charter to Dolphin. In October, Dolphin redelivered the survey vessel Polar Duke (pictured) to GC Rieber earlier than scheduled in an effort to cut its hire costs by around $16m.
GC Rieber has posted a fleet impairment loss of NOK 132.8m ($15.5m) for the final quarter last year. Its total fleet impairments for the fiscal year 2015 total NOK 251.6m ($29.4m).