GC Rieber Shipping and HitecVision have established a 50/50 joint venture in order to create a new subsea services company.
The main objective is to drive further growth and strengthen the operational base in the existing companies. However, the joint venture will also be looking for strategic growth opportunities within niches in the global subsea services market, in close co-operation with its customers the oil companies and major oil service companies.
In addition to a direct investment of NOK 35 million, GC Rieber Shipping will contribute its shareholding in Bluestone and Technocean to the joint venture, whereas HitecVision will contribute NOK 160 million initially. Under the joint venture agreement, both parties have also committed to certain follow-on investments.
The joint venture company will be a majority shareholder in both Bluestone and Technocean and have a significant financial capacity to consider follow-on investments in both companies.
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