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HitecVision splits Reef Subsea into three separate companies

HitecVision splits Reef Subsea into three separate companies
Subsea engineering firm Reef Subsea will be split into three independent companies as the result of a strategic review by new owners HitecVision.

The three new companies, Reef Subsea, X-Subsea and Technocean Subsea, will have individual management and business strategies.

The reorganisation comes after GC Reiber Shipping's shares were bought up by joint venture partners HitecVision earlier this year, leaving the private equity firm as the majority owner.

Reef Subsea will continue to specialise in cable laying and subsea cable burial led by ceo Duncan MacPherson and will be based in Thornaby, England.

Reef Subsea Dredging and Excavation will be replaced by X-Subsea, to be led by managing director Jason Miller out of Houston, USA.

Technocean Subsea, headquartered in Bergen, will be run by managing director Arne Riple and replace  Reef Subsea Integrated Projects.

"Our established businesses have an excellent track record in the industry and refocusing into three independent businesses will only prove beneficial to both existing and new customers. We value our highly skilled workforces, who are equipped with the knowledge, skills and expertise to deliver a first class service to our clients," commented Mel Fitzgerald, chairman of the companies.

GC Rieber sold off its stake in the company following a loss of earnings of NOK156m from Reef Subsea in 2013. At the announcement of the sale, the company said it was adjusting its investments to focus on growth areas in ice class support, seismic and subsea.