GC Rieber Shipping and private equity investor HitecVision have, in line with a stock exchange notice on 22 October 2009, established a 50/50 owned company, Reef Subsea AS.

Reef Subsea has received a capital injection of NKr 195 million and will, as part of the transaction, take over GC Rieber Shipping’s investments in the geotechnical company Bluestone Offshore Pte Ltd and the subsea service company Technocean AS, including the subsidiary Scan Mudring.

Reef Subsea has in parallel contributed US$17.5 million in new equity to Bluestone (94 per cent shareholding), which allows a restructuring of Bluestone’s balance sheet. Furthermore, Reef Subsea has committed to subscribe a planned NKr 75 million share issue in the Technocean (58 per cent shareholding). Bluestone and Technocean, including the subsidiary Scan Mudring, will thus secure a solid financial capacity for further growth within the company’s niches.

Bluestone has, as also as described in a stock exchange notice of 22 October 2009, entered into a time charter agreement with a subsidiary of GC Rieber Shipping for the vessel Greatship Maya.

Outfitting of Greatship Maya as a geotechnical vessel is now complete, and the vessel is ready to start its first two-month contract, conducting geotechnical surveys offshore Australia for NERC.