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GC Rieber sell off leaves HitecVision with Reef Subsea

GC Rieber sell off leaves HitecVision with Reef Subsea
GC Rieber Shipping has agreed to sell its stake in Reef Subsea to private equity firm HitecVision for NOK175m ($28.4m).

The sale, expected to be finalised upon approval of competition authorities in March, will see HitecVision become sole owner of Reef Subsea.

HitecVision intends to focus Reef on dredging and excavation work as well as integrated projects.

Rieber stated that it remains committed to Reef as a supplier, and that current charters and contracts such as those for the Polar King and Polar Prince, which are working on Europe’s largest wind farm project off the Welsh coast, remain in place.

GC Rieber’s loss of earnings from its investment in Reef Subsea amounted to NOK156m in 2013.

"GC Rieber Shipping aims to focus on the three areas defined as our core business. We see exciting opportunities in ice/ support, subsea and also within seismic. We have to exploit our strong financial position, by selectively pursue growth opportunities we believe will provide the best return," commented GC Rieber ceo Irene Waage Basili.