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    G C Rieber Shipping establishes new company

    News // July 29, 2008

    GC Rieber Shipping in Norway has entered into an agreement with StatoilHydro Venture and Reservoir Innovation to establish a holding company Hexio AS which will provide technology and services for permanent monitoring (4-C/4-D) of oil and gas fields.

    The new company will operate through Octio Geophysical AS, and GC Rieber Shipping will transfer the 2-D/source vessel Geo Explorer to the new company.

    GC Rieber Shipping will also invest NKr 120 million in equity and will have a 60 per cent shareholding in Hexio, while StatoilHydro Venture and Reservoir Innovation each will own 20 per cent.

    Hexio will own 74 per cent of Octio, and the remaining 26 per cent will be held by ION Geophysical Corporation.

    OCTIO Geophysical delivers equipment and services for reservoir monitoring using permanently installed seismic sensors. The company has StatoilHydro AS, through StatoilHydro Venture, as an investor and strategic partner, and ION Geophysical Corporation, the world’s largest independent provider of seismic equipment, as technology partner.

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