Shipping firm GC Rieber has more than doubled its deficit for 2015 compared with the previous year, with the failure of Dolphin Geophysical playing a part in the poor peformance.
The Norwegian firm had a deficit of NK400million in the fourth quarter last year, down from NK201.4 million in the same period in 2014.
The loss includes a loss of NK189.7 kroner related to the bankruptcy of Dolphin Geophysical.
“The results in the fourth quarter are affected by significant non-recurring items such as the bankruptcy of a large client, impairments and charging of deferred taxes.
“The current market situation in the offshore segments is challenging to say the least, and unfortunately is affecting just about everyone operating in this space,” said Irene Waage Basili.
GC Rieber Shipping terminated the contract for the subsea construction support vessel Polary Onyx, which was chartered to Ceona, in September, after the London-headquartered company defaulted on a payment.
Ceona went into administration soon after with the loss of 102 jobs.
The company also agreed to take early redelivery of the survey vessel Polar Duke from Dolphin Geophysical, meaning $16million of hire payments were lost.
At the end of the fourth quarter 2015, GC Rieber Shipping had a contract backlog of NOK0.8billion. The contract coverage for the years 2016, 2017 and 2018 is 43 percent, 36 percent and 22 percent respectively.
The Bergen headquartered firm owns 11 special purpose vessels for defined markets within the subsea, ice breaker and seismic sectors.