On 10 June 2010, GC Rieber Shipping ASA (RISH) announced that it had entered into an agreement to acquire two high capacity seismic newbuildings from the Factorias Vulcano Yard.
In connection with the acquisition, RISH has established a new stand alone entity, Armada Seismic. In order to equity finance the acquisition of the two vessels, Armada Seismic has raised NOK 450 million in a private placement fully underwritten by RISH. The private placement attracted solid interest from domestic institutional investors.
The placement is conditional on successful renegotiation of the parent company guarantee from RISH relating to Armada Seismic's current financing. Such renegotiation is expected to be concluded on or about 28 June, 2010. After the completion of the private placement, RISH retains approximately 65 % in Armada Seismic.
Carnegie acted as lead manager and sole book runner in the transaction. DnBNOR Markets acted as co-lead manager.
For further information, please contact:
CEO Sven Rong, phone +47 55 60 68 18, or +47 90 55 49 52
CFO Hans Petter Klohs, phone +47 55 60 68 24, or +47 90 75 05 26
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, as well as 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. Through strategic value chain investments the group has substantial knowledge and experience within subsea and marine seismic.
GC Rieber Shipping owns six and operates currently seven advanced multifunctional special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments. Furthermore, GC Rieber Shipping has two subsea IMR/CSV new buildings for delivery late 2010 and mid 2011. Through a joint venture of which GC Rieber Shipping owns 51%, the group also has two new offshore vessels for delivery in 2010. GC Rieber Shipping has also acquired two high capacity seismic new buildings for delivery in Q3 2010 and Q3 2011 respectively. The group's strategic value chain investments include the subsea services company Reef Subsea (50 % stake) and the company Octio (60% stake) which is in the business of permanent monitoring of existing oil fields. GC Rieber Shipping is also in charge of marine ship management for seven seismic vessels and one subsea vessel owned by PGS, CGGVeritas, Fugro and Acergy.
The company is headquartered in Bergen with ship management companies in Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides global presence. The company is listed on Oslo Børs with ticker RISH. Further information is available on the company's website www.gcrieber-shipping.no.