GC Rieber Shipping Sells HMS Protector

GC Rieber Shipping has entered into an agreement with the UK Ministry of Defence (MoD) on the sale of the in house designed  ice-breaker “HMS Protector”.

This vessel has been on a bareboat charter to the buyer since the spring of 2011. The sale provides GC Rieber Shipping with an  accounting gain of about NOK 370 million, while the cash effect is NOK 485 million.

GC Rieber Shipping is a leading international player in the segment for advanced operations in difficult ice conditions. “HMS  Protector” (ex “Polarbjørn”) was purpose-built in 2001 for long expeditions to the Antarctic and for subsea assignments offshore.

The UK MoD, a long standing client of GC Rieber Shipping, has been using the ship as an icebreaker and patrol vessel for the  Royal Navy in the South Atlantic and the Antarctic since 2011. It has also provided support for UK Foreign & Commonwealth  Office and British Antarctic Survey. “HMS Protector” is the second vessel which MoD has chartered and later purchased from GC  Rieber Shipping. The first one being “HMS Endurance”.

Irene Waage Basili, CEO of GC Rieber Shipping, comments: “We are very satisfied with the collaboration we have had with the  MoD. They are highly professional and we have found them both challenging and rewarding to work with. We are known for  having highly technical vessels and unique expertise for operations in icy waters and we see this transaction as an acknowledgement that a long-term customer is so satisfied that it wants to own our vessel. New investments in the ice segment  are very interesting for us going forward.” 

As part of the sale contract, GC Rieber Shipping will continue to support the vessel on a Contractor Logistic Support agreement  for 1 year.

GC Rieber Shipping, September 27, 2013