GC Rieber, partners to establish holding company

GC Rieber Shipping has entered into an agreement with StatoilHydro Venture AS and Reservoir Innovation AS to establish the holding company Hexio AS.

Offshore staff

BERGEN, Norway -- GC Rieber Shipping has entered into an
agreement with StatoilHydro Venture AS and Reservoir Innovation AS to
establish the holding company Hexio AS.

Hexio has a business idea of offering technology and services related to
permanent monitoring (4C/4D) of oil and gas fields in operation through
the subsidiary Octio Geophysical AS.

GC Rieber Shipping will also transfer the 2D/source vesselGeo
Explorer
to the new company.

GC Rieber Shipping will have a 60% shareholding in Hexio, while
StatoilHydro Venture and Reservoir Innovation will each own 20%.

Hexio will own 74% of Octio, while the remaining 26% will be held by ION
Geophysical Corporation.

07/30/2008

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