GC Rieber Shipping ASA

07/08/2021 | Press release | Distributed by Public on 07/08/2021 00:05

GC Rieber Shipping: Sale of shares in Shearwater Geoservices Holding AS

GC Rieber Shipping has today agreed to sell shares in Shearwater Geoservices Holding AS (Shearwater) reducing its ownership from 17.0% to 8.5%. Gross proceeds from the sale will be USD 50.5 million. The sold shares had book value of USD 41.6 million per 31 March 2021. Following the transaction, which is expected to be completed shortly, GC Rieber Shipping 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 Shipping's investment capacity and positions the company to build a diversified portfolio of investments based on our experience and competence of developing maritime projects', Einar Ytredal, CEO of GC Rieber Shipping, said and added; 'Shearwater was established in 2016 and has since grown into a world leader within marine seismic acquisition and is well positioned to benefit from an increase in activity within the segment. Through its remaining ownership, GC Rieber Shipping will continue to take part in the further value creation of Shearwater.' Contact information: Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184 Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47?479 02 919 About GC Rieber Shipping: GC Rieber Shipping is a shipowner and project-house with focus on developing profitable and sustainable maritime projects. Further information about the company, please go to www.gcrieber-shipping.com. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.