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HitecVision closes investment in Reef Subsea

HitecVision and GC Rieber Shipping ASA have established the jointly owned company Reef Subsea AS, in accordance with the joint announcement on the 22nd October 2009. Reef Subsea has received a NOK 195 million investment from its owners. In addition, GC Rieber Shipping have transferred its existing investments in the geotechnical company Bluestone Offshore Pte Ltd and the subsea services company Technocean AS, (including its subsidiary Scan Mudring).

Following the establishment of Reef Subsea, the company has provided USD 17.5 million in new equity to Bluestone and will invest up to NOK 75 million to Technocean, providing sound financial foundations for both companies’ continued growth within their respective niches.

We are also happy to announce completion of the conversion of Bluestone’s newly chartered ship, the ”Greatship Maya”.  The  Maya is now a modern and well-equipped geotechnical vessel, and is on its way to commence operations on its first contract, a two-month scientific survey for NERC in Australian waters.