Offshore services provider Reef Subsea is under new ownership after a major stake in the company was sold by Norway’s GC Rieber Shipping to investment group Hitec Vision.
GC Rieber has agreed to sell its holding in Reef Subsea to two investment companies controlled by Hitec Vision, for a total of US $28 million (NOK 175 million) and the deal is expected to be finalised in March.
Rieber says it is selling out its Reef holdings due to a “.. decision to focus on its core business and expertise within ownership, development and management of advanced vessels within the offshore market.” Those core areas include ice-related and offshore support functions, subsea and seismic operations, while Reef has a different focus, specialising in construction, Inspection, Maintenance and Repair work, plus cable and umbilical installation and trenching, as well as seabed dredging and excavation services.
Despite the sale of its equity, GC Rieber says it will remain a key supplier to Reef Subsea: Two offshore support vessels, Polar King and Polar Prince will remain on hire with Reef Subsea which retains options to renew long-term charter contracts for the vessels from GC Rieber.
Recommended Reading
Oil Dips as Demand Outlook Remains Uncertain
2024-02-20 - Oil prices fell on Feb. 20 with an uncertain outlook for global demand knocking value off crude futures contracts.
Oil Broadly Steady After Surprise US Crude Stock Drop
2024-03-21 - Stockpiles unexpectedly declined by 2 MMbbl to 445 MMbbl in the week ended March 15, as exports rose and refiners continued to increase activity.
Hedge Funds Retreat from Oil as War Risk Fades: Kemp
2024-04-29 - Hedge funds and other money managers sold the equivalent of 95 MMbbl in the six most important petroleum futures and options contracts over the seven days ending on April 23.
US Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten
2024-04-10 - Pushing up heavy crude prices are falling oil exports from Mexico, the potential for resumption of sanctions on Venezuelan crude, the imminent startup of a Canadian pipeline and continued output cuts by OPEC+.
What's Affecting Oil Prices This Week? (Feb. 26, 2024)
2024-02-26 - Stratas Advisors forecast that global crude production will be essentially unchanged from 2023, which means that demand growth in 2024 will outpace supply growth.