UK-based subsea services firm Reef Subsea is to split up into three independent companies after its January buyout by Norwegian private equity outfit Hitecvision.
The three new companies will be Reef Subsea, X-Subsea, and Technocean Subsea. They will all have separate management and independent strategies.
Reef Subsea was created in 2010, in a joint venture between HitecVision and Rieber Shipping. In January this year, Hitecvision bought out Rieber.
Hitecvision said: "Following three years of growth in operations in the three current business lines, a strategic review by the board of directors and the owner of HitecVision has led to the re-organization of the group."
Reef Subsea, to be headquartered in Thornaby, north-east England, will continue to specialise in the laying and burial services of subsea cables to all energy industries under the leadership of CEO Duncan MacPherson
X-Subsea, which will replace Reef Subsea Dredging and Excavation brand, is headquartered in Houston, US. With operations in UK, Norway, Singapore and the Middle East, X-Subsea will continue to focus on precision dredging and excavation led by Managing Director Jason Miller.
Technocean Subsea, headquartered in Bergen, managed by Managing Director Arne Riple, will replace the Reef Subsea Integrated Projects brand to focus on subsea IMR and construction and build on its success and growth in North Sea and West Africa.
Reef Subsea is majority owned by HitecVision following the buy-out of Rieber Shipping’s shares in early 2014.