GC Rieber halves Shearwater stake

Norwegian shipowner GC Rieber Shipping has agreed to sell shares in Shearwater Geoservices Holding reducing its ownership from 17% to 8.5%.

Gross proceeds from the sale will be $50.5 million. The sold shares had book value of $41.6 million per 31 March, GC Rieber informed.

Following the transaction, which is expected to be completed shortly, the company 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,” said Einar Ytredal, CEO of GC Rieber Shipping.

“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.”