Offshore services provider Reef Subsea is under new ownership after a major stake in the company was sold by Norway’s GC Rieber Shipping to investment group Hitec Vision.

GC Rieber has agreed to sell its holding in Reef Subsea to two investment companies controlled by Hitec Vision, for a total of US $28 million (NOK 175 million) and the deal is expected to be finalised in March.

Rieber says it is selling out its Reef holdings due to a “.. decision to focus on its core business and expertise within ownership, development and management of advanced vessels within the offshore market.” Those core areas include ice-related and offshore support functions, subsea and seismic operations, while Reef has a different focus, specialising in construction, Inspection, Maintenance and Repair work, plus cable and umbilical installation and trenching, as well as seabed dredging and excavation services.

Despite the sale of its equity, GC Rieber says it will remain a key supplier to Reef Subsea: Two offshore support vessels, Polar King and Polar Prince will remain on hire with Reef Subsea which retains options to renew long-term charter contracts for the vessels from GC Rieber.

Offshore