GC Rieber sells half of current stake in Shearwater GeoServices

Norway’s GC Rieber Shipping has sold half of its 17 per cent ownership of seismic survey company Shearwater GeoServices, the former confirmed via separate Oslo Stock Exchange filings made late last week.

The sale of GC Rieber’s 8.5 per cent ownership yielded gross proceeds of US$50.5 million. GC Rieber added that, following the transaction, it will not hold rights in the shareholder agreement and the remaining shares will be booked as financial assets at fair value.

The sale increases GC Rieber’s investment capacity and positions the company to build a diversified portfolio of investments based on its experience and competence of developing maritime projects, said CEO Einar Ytredal.