OCTIO Group, a subsidiary of GC Rieber Shipping, completed last week a successful test of its new Permanent Reservoir Monitoring system offshore Haugesund, on the west coast of Norway.

 

The test marks a transition to commercial service and operation. OCTIO's Reservoir Monitoring System will offer the best available permanent monitoring system in the market today. "This will be the best solution for enhanced oil and gas production, early safety warning and monitoring of CO2 storage and other environmental issues", states CEO of OCTIO Group Bjarte Fagerås.

 

Sven Rong, CEO of GC Rieber Shipping, is pleased with OCTIO Group's progress: "While OCTIO Group is a long term investment for GC Rieber Shipping, we are happy to see that the company has already managed to prove its system. This is yet another proof of creativity and technology development in the Bergen seismic cluster. The future market for 4C/4D permanent reservoir monitoring is bright and we believe that OCTIO Group will gain an important role in this market".  

 

The full press release from OCTIO Group is attached to this notice.

 

GC Rieber Shipping's business in the offshore/shipping segment includes ownership of specialized vessels, high quality marine ship management, project development and industrial portfolio management within the offshore subsea, ice research and support and marine seismic segments. The company has a unique competence within offshore operations in harsh environments, as well as design, development and maritime operation of seismic vessels. Strategic investments in the value chain have added considerable know-how and experience to the company in terms of offshore subsea and marine seismic operations.

 

GC Rieber Shipping owns and operates seven advanced multifunctional special purpose vessels for defined markets within offshore subsea, ice research and support as well as the marine seismic segment. Furthermore, GC Rieber Shipping has recently acquired two subsea IMR newbuldings for delivery in 2010/11 and has through a 51% owned joint-venture company three offshore support new buildings for delivery in 2010. The company's strategic value chain investments include the subsea contractor Technocean (58 % stake), Octio Group, which specializes in permanent monitoring of oil fields (60 % stake) and the geotechnical company Bluestone Offshore (40 % stake). The company is also in charge of the ship management of ten seismic vessels owned by PGS, CGGVeritas and Fugro, as well as project management and building supervision for two advanced seismic new builds for PGS.

 

The company is headquartered in Bergen, Norway, with ship management companies in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia) for international representation. The company is listed on Oslo Børs with the ticker RISH. Additional information is available on the company's web site www.gcrieber-shipping.no.