HitecVision closes investment in Reef Subsea
HitecVision and GC Rieber Shipping ASA have established the joint company, Reef Subsea AS. Reef Subsea has received a NOK 195 million investment from its owners and, in addition, GC Rieber Shipping have transferred its existing investments in the Bluestone Offshore Pte Ltd and Technocean AS.
The establishment of Reef Subsea has provided USD 17.5 million in new equity to Bluestone and Reef Subsea will invest up to NOK 75 million to Technocean. this will allow both companies to continue their market growth on sound sound financial foundations.
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| Fund | HitecVision Private Equity V Argentum share 9.5% |
| Portfolio Company | Reef Subsea |
| Date of Transaction | 2010-02-01 |
| Transaction | Acquisition |
| Seller | |
| Buyer | |
| Size of Transaction | NOK 195.0m |
| Ind. Focus | Energy |
| Geography | Norway |
| Stage | Small/mid-cap buyout |