NORWAY - Hitec invests NOK 160m into GC Rieber joint venture

In addition to transferring its holdings in these two companies, GC Rieber will also contribute NOK 35m. The deal also includes a commitment to finance follow-on investments, as well as participate in a future share issue for Technocean.

Of the first investments, the two investors will provide USD 17.5m for Bluestone to enable the company restructure its balance sheet. Singapore-based Bluestone Offshore is a deepwater offshore geotechnical survey service company.

Technocean is a Norwegian provider of subsea inspection, maintenance and repair, survey and light construction support services. Its subsidiary Scan Mudring specialises in subsea dredging services.

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