GC Rieber Shipping today announces a voluntary offer for the acquisition of all the issued and outstanding shares in Sea4 at an offer price of NOK 3.50 per share. 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 i.a., obtaining at least 67 percent of the shares in
Sea4. The offer is further conditional on Sea4’s continued ownership of
its special purpose subsidiaries Sea4 I Shipping Ltd and Sea4 II
Shipping Ltd, as well as satisfactory due diligence. Due to its
familiarity with the Spanish tax lease system and several of Sea4’s
suppliers, GC Rieber Shipping expects to be able to conclude the due
diligence process within a short period of time.
GC Rieber Shipping is an industrial player in offshore subsea, ice
research and support, as well as marine seismic. The group has a
communicated strategy of expanding within the subsea segment. GC Rieber
Shipping has a strong financial capacity with solid liquidity, low
gearing and long contract coverage on several of the group’s vessels.
Carnegie ASA is acting as financial advisor to GC Rieber Shipping in
connection with the transaction.

Source: GC Rieber Shipping

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