HitecVision acquired all of GC Rieber Shipping's remaining shares in subsea services provider Reef Subsea, the company announced 28 Jan 2014. HitecVision will now hold 100% of the shares in Reef Subsea. HitecVision expects to receive full ownership by March.
GC Rieber Shipping will remain a key supplier for Reef Subsea even after the deal is approved, and the change in ownership is not expected to affect any contracts held by Reef Subsea nor will it affect the charter commitments Reef Subsea has for the vessels Polar King or Polar Prince from GC Rieber Shipping, HitechVision said. The vessels will remain within Reef Subsea's fleet until completion of respective firm periods, with Reef Subsea retaining the option to extend the contracts.
Duncan MacPherson, Chief Executive Officer of Reef Subsea, said: “The team at Reef Subsea are very pleased to have HitecVision 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. ”
The investment, HitecVision said, will be financed through seller’s credit and cash investment from management.
Reef Subsea maintains operations in the Norway, UK, Europe, West Africa, Singapore, the Middle East, and the US. Its range of services include subsea construction and IMR, installation and trenching of cables and umbilicals, and seabed dredging and excavation services.