HitecVision Acquires Reef Subsea

HitecVision has announced 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 companies stated that 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, which are deployed at the Gwynt y Môr  offshore wind farm, will remain within Reef Subsea fleet until completion of respective firm periods, with Reef Subsea retaining the option to extend the contracts. Polar King and Polar Prince are carrying out array cable installation at the offshore wind farm.

Press release, January 28, 2014; Image: gcrieber-shipping