Norway

Norway

Reef Subsea splits in three

NORWAY: Under-water installation specialist Reef Subsea has been split into three companies in a major reorganisation of the company.

Reef Subsea's CSV Polar King construction vessel
Reef Subsea's CSV Polar King construction vessel

The reshuffle will result in three separate entities: Reef Subsea, X-Subsea and Technocean Subsea, according to its chairman, Mel Fitzgerald. The move comes after a strategic review by the company's board of directors and owner HitecVision.

Reef Subsea will be headquartered in northeast England and continue the installation of subsea cables for the energy industry with Duncan MacPherson as CEO.

Reef Subsea Dredging will become X-Subsea and be based in the US, whilst Technocean Subsea replaces Reef Subsea Intergrated Projects and will be located in Norway.

The existing senior management team will continue to lead the three new entities. Fitzgerald said the separate companies would have their own managements, visions and strategies.

Reef Subsea is majority owned by private equity firm HitecVision, following a buyout of former co-owner Rieber Shipping's shares earlier this year.

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