Subsea specialsts Reef are set for new owners after Norwegian investment firm HitecVision bought out its previous partner in a £17million deal.
The oil and gas focused private equity firm has bought out GC Reiber Shipping’s previous stake in Reef Subsea to take 100% control of the group.
The move comes as HitechVision looks to develop Reef along two core areas – dredging and excavation, and integrated projects.
“The team at Reef Subsea are very pleased to have HitecVision as main shareholder,” said Reef chief executive Duncan MacPherson.
“HitecVision have shown commitment to work with the management at Reef Subsea to create value for all stakeholders. We look forward to a continued strong working relationship as we grow the business into a leading subsea contractor. ”
Reef, which has a significant base in Aberdeen as part of its North Sea operations, will continue to hold charters for the Polar King and Polar Prince from GC Rieber, with Reef retaining options to extend their current contracts.
GC Rieber chief executive Irene Waage Basili said the sale to HitecVision was part of a refocusing of the shipping firm.
“We see exciting opportunities in ice/support, subsea and also within seismic,” she said.
“We have to exploit our strong financial position, by selectively pursue growth opportunities we believe will provide the best return.”