GC Rieber unveils swingeing job cuts and write-downs

GC Rieber unveils swingeing job cuts and write-downs

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).

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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