Reef Subsea AS, an associated company of GC Rieber Shipping, has decided to divest from its Bluestone Offshore Pte Ltd business based in Singapore. Bluestone is an integrated geotechnical site investigation company providing complete solutions for offshore projects requiring seabed data and sampling.
Upon a Share Purchase Agreement signed on 4 April 2011, Fugro will acquire 100% of the company. The parties have agreed to not disclose the sales price.
Reef Subsea’s decision to divest from the geotechnical market follows the company’s decision to concentrate the strategy around subsea services. The divestment will provide Reef Subsea with additional resources to further pursue its developments in the global subsea market. Reef Subsea’s presence in Asia-Pacific will be assured by the subsidiary Scanmudring’s new office in Singapore.
Mark Preece, Reef Subsea Chief Executive Officer, said “Following the decision to concentrate our strategy around subsea services, we decided to divest from the geotechnical market. We think that Bluestone Offshore and Geolab Services management, employees and assets will derive a more robust future in a company which is a long-term player in the global geotechnical market. This divestment will provide Reef Subsea with additional resources to further pursue its developements in the global subsea market. Our presence in Asia-Pacific will be assured by our new Scanmudring office of Singapore”.
The “Greatship Maya”, a subsea vessel operated by GC Rieber Shipping, is currently employed on a time charter agreement with Bluestone Offshore. This time charter agreement, which expires in 2012, will continue unaffected by Reef Subsea’s divestment from Bluestone Offshore.
About Reef Subsea AS
Reef Subsea AS is an international group providing cost-effective integrated subsea services to the oil & gas and renewables industries. Its specialised subsidiaries – Technocean, S³ and Scanmudring – provide operators and contractors with highly experienced personnel, key subsea technologies and construction support vessels. Reef Subsea serves its clients in the deepwater or demanding environments of the North Sea, South East Asia and North Atlantic areas. Reef Subsea is a 50/50 owned company of GC Rieber Shipping and HitecVision.
About GC Rieber Shipping:
GC Rieber Shipping’s business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management, project development and industrial portfolio management within the segments subsea, ice/support, as well as marine seismic. The group has a unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels. Through strategic value chain investments the group has substantial knowledge and experience within subsea and marine seismic.
April 5, 2011;