HitecVision acquires Reef Subsea

HitecVision led the buyout of Reef Subsea in February 2010, along with Bergen-based GC Rieber Shipping, for NOK 195m. This latest transaction sees HitecVision purchasing GC Rieber's shares, giving the oil & gas-focused investor full ownership of the comapny. 

The deal was financed via seller's credit and a management cash investment. 

Following the deal, HitecVision will support the company's restructure and develop Reef's dredging and excavation and integrated projects activities. The ownership change will not alter any of Reef Subsea's contracts or the charter commitments it holds for the Polar King and Polar Prince vessels from GC Rieber Shipping.

Company
Founded in 2009, Reef Subsea delivers subsea services to the oil & gas, offshore renewables, power, telecommunications and subsea defence industries with operations in the UK, Norway, Europe, Singapore, the Middle East and the US.

The company provides a range of integrated services including subsea construction, inspection, maintenance and repair; installation and trenching of cables and umbilicals; seabed dredging and excavation; and remotely operated vehicles and survey services.

Reef Subsea also provides operators and contractors with personnel, subsea technologies and a fleet of subsea construction support vessels.

People
Duncan MacPherson is the CEO of Reef Subsea.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Nordics
• Industrials
• Now researching
• Expansion
• Norway
• HitecVision