G C Rieber Shipping confirms Reef Subsea deals

Company News - November 21, 2011

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G C Rieber Shipping, which owns 50 per cent of Reef Subsea, has confirmed that Reef Subsea has signed two new agreements increasing its industrial impact considerably.

Two new modern vessels have been chartered on long term bareboat agreements, and a company specializing in seabed excavation is to be acquired.

G C Rieber Shipping confirmed that Reef Subsea has signed two five-year bareboat agreements for two subsea construction vessels with Neptune Offshore.

Simultaneously, Reef Subsea has taken a 25 per cent stake in Neptune Subsea, which is the shipowning company. The vessels will be delivered to Reef Subsea by mid-January 2012. GC Rieber Shipping will provide the maritime management of the vessels.

Reef Subsea has also acquired Rotech Subsea, an Aberdeen-based engineering and fabrication business, specializing in seabed dredging and excavation services.

"Together with the products and services of Reef Subsea's subsidiary Scanmudring, this acquisition completes Reef Subsea's product portfolio and geographical presence in this subsea niche," said the company.



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