Subsea specialist Reef is to be broken up into three new companies following its £17million buyout earlier this year.
Norwegian investment firm HitecVision bought out partners GC Reiber Shipping in January, four years after the firm was launched.
Now HitechVision has confirmed Reef Subsea will be split into three operations as it looks to focus on three defined business areas.
“Following three years of growth in operations in the three current business lines, a strategic review by the board of directors and the owner of HitecVision has led to the re-organization of the group,” the company said in a statement.
Reef Subsea, which will be headquarted in Thornaby, will continue with the firm’s existing subsea cable laying and burial, with Duncan MacPherson to oversee the company.
X-Subsea, which will be the new name for Reef’s dredging and excavation brand, will be operated from the company’s base in Houston, Texas, with offices in the UK, Norway, the Middle East and Singapore.
It will focus on dredging and excavation services under managing director Jason Miller.
The third company, Technocean Subsea, will operate from Bergen and will replace Reef’s integrated products brand.
Technocean, headed up by Arne Riple, is to work on subsea inspection, maintenance and repair projects, with a focus on the North Sea.
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