GC Rieber Shipping Sells Polar Explorer (Norway)

GC Rieber Shipping has agreed to sell the 2D seismic vessel “Polar Explorer”, built in 1988.

The vessel has been sold at book value, and the transaction will have a positive cash effect of approximately NOK 45 million.

The “Polar Explorer” (previously “Geo Explorer”) was acquired by GC Rieber Shipping in June 2008 and later transferred to the subsidiary Octio (December 2008). In May 2010, GC Rieber Shipping re-purchased the vessel from Octio. The “Polar Explorer” is a 2D/source vessel built in 1988 and converted in 2004. The vessel is currently on a 12-month charter (expiring in 2013) with Dolphin Geophysical.

GC Rieber is a privately owned company who offers long-term active ownership to a range of core businesses.

The activities are concentrated around three business areas; industry, Shipping and Property. Each of the areas are characterized by high competence in niche markets. GC Rieber operates locally as well as globally, primarily in business markets.

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February 7, 2013