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  1. Scanmudring
4 April 2011

Reef Subsea Divests from Bluestone Offshore

Reef Subsea announced today that, following Board of Directors approval, it has decided to divest from their Bluestone Offshore business based in Singapore. Bluestone is an integrated geotechnical site investigation company providing a complete solution for offshore projects requiring seabed data and sampling. Upon the share purchase agreement signed on 4th April, Fugro will acquire 100% of the company.

Mark Preece, Reef Subsea chief executive officer, said: “Following the decision to concentrate our strategy around subsea services, we decided to divest from the geotechnical market. We think that Bluestone Offshore and Geolab Services management, employees and assets will derive a more robust future in a company which is a long-term player in the global geotechnical market. This divestment will provide Reef Subsea with additional resources to further pursue its developements in the global subsea market. Our presence in Asia-Pacific will be assured by our new Scanmudring office of Singapore.”

Reef Subsea is an international group providing cost-effective integrated subsea services to the oil and gas and renewables industries. Its specialised subsidiaries – Technocean, S³ and Scanmudring – provide operators and contractors with highly experienced personnel, key subsea technologies and construction support vessels. Reef Subsea serves its clients in the deepwater or demanding environments of the North Sea, South East Asia and North Atlantic areas. Reef Subsea is a 50/50 owned company of GC Rieber Shipping and HitecVision.

The Scanmaskin Precision Subsea Excavator and Tool-Carrier
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