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Establishment of Reef Subsea AS - JV Between GC Rieber Shipping and HitecVision |
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Tuesday, 02 February 2010 |
 GC Rieber Shipping and the private equity investor HitecVision has, in line with the stock exchange notice on 22 October 2009, established the 50/50 owned company Reef Subsea AS.
Reef Subsea has received a capital injection of NOK 195 million and
will as part of the transaction take over GC Rieber Shipping's
investments in the geotechnical company Bluestone Offshore Pte Ltd
(Bluestone) and the subsea service company Technocean AS, including the
subsidiary Scan Mudring (Technocean).
Reef Subsea has in parallel
contributed USD 17.5 million in new equity to the subsidiary Bluestone
(94 % shareholding), which allows a restructuring of Bluestone's
balance sheet. Furthermore, Reef Subsea has committed to subscribe in a
planned NOK 75 million share issue in the subsidiary Technocean (58 %
shareholding). Bluestone and Technocean, including the subsidiary Scan
Mudring, will thus get a solid financial capacity for further growth
within the company's niches.
Bluestone has, also as described in the
stock exchange notice of 22 October 2009, entered into a time charter
agreement with a subsidiary of GC Rieber Shipping for the vessel
"Greatship Maya". The outfitting of "Greatship Maya" as a modern and
well-equipped geotechnical vessel is now complete, and the vessel is
ready to go on its first two-months contract, which concerns
geotechnical surveys offshore Australia for the client NERC.
Source: GC Rieber
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