Norway: HitecVision Acquires GCR’s Shares in 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 investment will be financed through seller’s credit and cash investment from management.

“With the improved market conditions and a restructuring of the businesses, we firmly believe that Reef will be a good investment with a significant potential in the market,” HitecVision announced.

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 will remain within Reef Subsea fleet until completion of respective firm periods, with Reef Subsea retaining the option to extend the contracts.

The CGR transaction will give full control from March 2014 conditional upon the authorization from relevant competition authorities.

Press Release, January 28, 2014

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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