GC Rieber Shipping to Sell Its Stake in Reef Subsea AS

first_imgzoom GC Rieber Shipping ASA has entered into an agreement to sell its stake in Reef Subsea AS to HV V Invest Golf AS and HV V Invest Golf II AS, two investment companies of the private equity fund HitecVision V, LP. The agreed purchase price is NOK 175 million (approx. USD 28,5 million), which will be settled by a combination of cash and seller’s credit.Adjusted for share of loss from Reef Subsea in the fourth quarter 2013, the sale will have a negative effect of NOK 83 million for GC Rieber Shipping in the fourth quarter. Negative effect on earnings from the investment in Reef Subsea amounts to NOK 156 million for 2013.The sale of the stake in Reef Subsea is a consequence of GC Rieber Shipping’s strategic decision to focus on its core business and expertise within ownership, development and management of advanced vessels within the offshore market.“GC Rieber Shipping aims to focus on the three areas defined as our core business. We see exciting opportunities in ice/ support, subsea and also within seismic. We have to exploit our strong financial position, by selectively pursue growth opportunities we believe will provide the best return”, comments CEO Irene Waage Basili.Closing of the transaction is expected to take place as soon as the Norwegian Competition Authority has approved the transaction, or the deadline for intervention has expired. This is expected to take place in the middle of March 2014.GC Rieber Shipping, January 29, 2014last_img read more

Two Ryanair planes damaged in collision at Stansted Airport

first_img Whoops! We couldn’t find this Tweet TWO RYANAIR AIRPLANES have been damaged in a collision today at Stansted Airport.The wing tip of one plane and the tail cone of another aircraft made contact in the accident. The wing of the plane that was damaged was ripped.A spokesperson for Ryanair confirmed the incident took place today, stating:This morning at London Stansted the wing tip and tail cone of two Ryanair aircraft made contact while one aircraft was taxing to stand and the other was commencing push back from stand.Customers disembarked the plane and boarded two replacement aircraft which departed Stansted with a delay of approximately three hours, said Ryanair.“Our Stansted based engineering team are currently investigating and will repair both aircraft and return them to service as soon as possible. Ryanair sincerely apologises to affected customers for any inconvenience,” said the spokesperson.An eyewitness on board the Warsaw-bound airplane, took the following photos after he said he heard a loud bang. The Essex police said no one was injured in the incident. Stanstead Airport is operating as normal today. An Air Accident Investigation Branch investigation into the accident is taking place.First published 15.41pmRead: Portrait of an Irish holidaymaker: Bald, generous and drinking on the plane>Read: Two planes on a ‘collision course’ in narrow miss at Knock Airport>last_img read more