Reef Subsea, the 2010 joint venture between Norwegian private equity investment firm HitecVision and GC Rieber Shipping is set to be reorganized.
In a deal announced earlier this year, HitecVision bought out GC Rieber’s shares in the JV and is now looking to reorganize the company into three separate businesses, Reef Subsea, X-Subsea and Technocean Subsea.
HitecVision describes the three companies:
Reef Subsea, to be headquartered in Thornaby, north-east England, will continue to specialise in the laying and burial services of subsea cables to all energy industries under the leadership of CEO Duncan MacPherson
X-Subsea, which will replace Reef Subsea Dredging and Excavation brand, is headquartered in Houston, US. With operations in UK, Norway, Singapore and the Middle East, X-Subsea will continue to focus on precision dredging and excavation led by Managing Director Jason Miller.
Technocean Subsea, headquartered in Bergen, managed by Managing Director Arne Riple, will replace the Reef Subsea Integrated Projects brand to focus on subsea IMR and construction and build on its success and growth in North Sea and West Africa.
Over the past 12 months, HitecVision has been making significant inroads into the offshore and subsea market with acquisitions of Scana Offshore, the establishment of Aquamarine Subsea, investments into Deepwell A/S, Vryhof Anchors, Deep Sea Mooring and others.