GC Rieber Shipping has today ordered a new high capacity subsea vessel from Ulstein Verft with an option of one additional vessel. The new building, to be delivered in the first quarter of 2014, represents a total investment of approximately NOK 800 million.
- The market for this type of vessel is expected to be attractive going forward. This investment is consistent with our strategy to strengthen our position in the high end subsea segment. We have an attractive and flexible ship design with interesting potential also in the SURF market as well as a favorable delivery date, says CEO Irene W. Basili in GC Rieber Shipping.
GC Rieber Shipping concluded 2011 with a fully booked fleet and significantly improved operational performance. The company expects a strong demand within advanced subsea operations in the coming years, which has been the basis for making this investment now.
The vessel is a construction support vessel "CSV" designed to operate in harsh and deep waters with length of 130m and beam of 25m. It is built to the highest standard for dynamic positioning DP-3 and equipped with a 250t AHC offshore crane. Furthermore, the ship is designed to operate in the SURF market, with capacity for pipe loads below deck and on main deck, and a vertical pipe lay system above the moon pool. The ship will have capacity for 130 people and built according to the latest international environmental standards.
Basili looks forward to a positive partnership with Ulstein Verft. - GC Rieber Shipping has over many years developed considerable competence in the design of specialized vessels, and the constructive cooperation we have experienced with Ulstein to accommodate for our requirements , has been important. GC Rieber Shipping positions itself in the more challenging niches of the offshore market, and I am very comfortable that we will receive a top-class vessel from Ulstein, says Basili.
GC Rieber Shipping has a strong financial capacity with solid liquidity, low gearing and long contract coverage on several of the group's vessels. The investment will be financed through a combination of equity and debt. - Our financial strength gives us flexibility, still after this investment, says Basili.
For further information, please contact:
CEO Irene Waage Basili, tel. 55 60 68 67, or 90 09 86 88
CFO Einar Ytredal, tel. 55 60 68 54, or 97 52 01 84
About GC Rieber Shipping:
GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management, project development and industrial portfolio management within the segments subsea, ice/support and marine seismic. The group has a unique competence in offshore operations in harsh environments as well as design, development and maritime operation of seismic vessels.
GC Rieber Shipping currently operates 18 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which 12 are owned by the company.
The company is headquartered in Bergen with ship management companies in Sevenoaks (UK) and Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH. Further information is available on the company's website www.gcrieber-shipping.no