GC Rieber Shipping makes offer for Sea4

GC Rieber Shipping has made a voluntary offer for the acquisition of all the issued and outstanding shares in Sea4.

Offshore staff

BERGEN, Norway -- GC Rieber Shipping has made a voluntary offer for the acquisition of all the issued and outstanding shares in Sea4.

Sea4 has contracted two IMR subsea vessels of Skipsteknisk ST-254L CD design. The vessels are currently being built at Freire Shipyard (Spain) under a Spanish tax lease arrangement and are scheduled for delivery in June 2010 and March 2011, respectively.

GC Rieber Shipping's offer is conditional on obtaining at least 67% of the shares in Sea4. The offer is further conditional on Sea4's continued ownership of its special purpose subsidiaries Sea4 I Shipping and Sea4 II Shipping, as well as satisfactory due diligence. GC Rieber Shipping expects to be able to conclude the due diligence process within a short period of time.

07/31/2009

More in Company News