Reef Subsea today announced a change in its ownership structure with HitecVision acquiring all of the shares of GC Rieber Shipping.

The change enables Reef Subsea to move forward under the strong ownership of HitecVision to grow Reef Subsea into a leading provider of integrated services including subsea construction & IMR, installation and trenching of cables and umbilical’s, and seabed dredging & excavation services.

GC Rieber Shipping remains committed to Reef Subsea as a key supplier. The change will not affect any contracts held by Reef Subsea neither will it affect the charter commitments Reef Subsea has for the vessels Polar King or Polar Prince from GC Rieber Shipping. These vessels will remain within Reef Subsea fleet until completion of respective firm periods, with Reef Subsea retaining the option to extend the contracts.

Duncan MacPherson, Chief Executive Officer, commented: “The team at Reef Subsea are very pleased to have HitecVision as main shareholder. HitecVision have shown commitment to work with the management at Reef Subsea to create value for all stakeholders. We look forward to a continued strong working relationship as we grow the business into a leading subsea contractor. ”

Reef Subsea is an established, global specialist group delivering cost-effective and bespoke subsea services to the oil & gas, offshore renewables, power and telecommunications industries. With operations in the Norway, UK, Europe, West Africa, Singapore, the Middle East and the USA, its experienced and knowledgeable team provides a range of integrated services including subsea construction & IMR, installation and trenching of cables and umbilical’s and seabed dredging & excavation services.