Reff Subsea is acquired by HitecVision

Hitec Vision’s deal with Reef Subsea HitecVision has recently announced the acquisition of GC Rieber Shipping ASA (GCR) shares in Reef Subsea. Hitec vision secures 100 percent of the all the shares in the firm, and therefore Reef Subsea is now able to move towards a goal with the strategy to create Reef , together with two main business areas. These two businesses are – 1. Dredging and excavation and 2. Integrated Projects. The seller’s credit and cash investment via management will finance the investment. Now that the market conditions have improved quite rapidly , together with a restructuring of the business, the company firmly believes that Reef is going to be a positive investment with even greater potential in the market.

 

The supplier to Reef Subsea GC Rieber Shipping, is key and still remains very committed. No contracts held by Reef Subsea will in any way be affected, nor will it affect the charter commitments for vessels Polar King or Polar Prince from GC Rieber Shipping. Based upon the relevance from competition authorities, the CGR transaction will give full control from March 2014.

The company Reef Subsea AS is an expanding subsea service. The firm is based in the United Kingdom, and there are three units in which the company operates. • Providing subsea construction support services and inspection, repair and maintenance (IRM) services to the oil and gas industry and to offshore wind farms.

• S3, providing survey, ROV, IMR, decommissioning and geotechnical subsea services.

• Scan Mudring, delivering subsea dredging and excavation services to oil and gas customers.

 

Oslo Stock Exchange-listed GC Rieber Shipping ASA and HitecVision are the companies that Reef Subsea is a 50/50 joint venture of. The venture wont exist for long now that Gc Rieber shipping has agreed to sell their shares to Hitec Vision. The sale is expected to be completed as soon as approval of competition authorities are granted. This should happen sometime during the month of March. This will see’that Hitec becomes the sole owner of Reef Subsea. GC Rieber’s lost NOK156m in 2013 from its investment in Reef Subsea. GC Rieber ceo commented “GC Rieber Shipping aims to focus on the three areas defined as our core business. We see exciting opportunities in ice/ support, subsea and also within seismic. We have to exploit our strong financial position, by selectively pursue growth opportunities we believe will provide the best return.” Duncan MacPherson, Chief Executive Officer of Reef Subsea, said: “The team at Reef Subsea are very looking forward to have Hitec Vision as main shareholder. HitecVision have shown commitment to work with the management at Reef Subsea to create value for all stakeholders. We look forward to a continued strong working relationship as we grow the business into a leading subsea contractor. ” Reef Subsea will continue their operations in the Norway, UK, Europe, West Africa, Singapore, the Middle East, and the US. The company’s services include subsea construction and IMR, installation and trenching of cables, and seabed dredging and excavation services.