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HitecVision acquires GC Rieber´s shares in Reef Subsea

HitecVision is pleased to announce the acquisition of GC Rieber Shipping ASA (GCR) shares in Reef Subsea. Through this share purchase HitecVision secures 100% of the shares in the company and enables Reef Subsea to move forward with a strategy to develop Reef along two main business areas – dredging and excavation (D&E) and integrated projects (IP). The investment will be financed through seller’s credit and cash investment from management. With the improved market conditions and a restructuring of the businesses, we firmly believe that Reef will be a good investment with a significant potential in the market

GC Rieber Shipping remains committed to Reef Subsea as a key supplier. The change will not affect any contracts held by Reef Subsea neither will it affect the charter commitments Reef Subsea has for the vessels Polar King or Polar Prince from GC Rieber Shipping. These vessels will remain within Reef Subsea fleet until completion of respective firm periods, with Reef Subsea retaining the option to extend the contracts.

The CGR transaction will give full control from March 2014 conditional upon the authorization from relevant competition authorities.