GC Rieber Not Getting Paid for Reef Subsea Sale

GC Rieber Shipping ASA said that The HV V Golf companies have not fulfilled the obligations related to the seller’s credit, regarding the sale of the company’s shares in Reef Subsea.

Namely, after Reef Subsea had a significant negative result in the fourth quarter 2013, on January 28 2014, the Norwegian offshore/shipping company 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.

According to GC Rieber, the transaction included the provision of a seller’s credit, inclusive of provided guarantees, of 180 million Norwegian crowns to the two HV V Golf companies. In addition, accrued interests on the seller`s credit amount to NOK 10 million.

However, the company announced today that HV V Golf companies failed to fulfill its obligations related to the seller’s credit and this has now become due and payable.

GC Rieber Shipping has reasons to believe that the HV V Golf companies will not fulfill the terms of the agreement.

Furthermore, GC Rieber Shipping has sent a notice of default to the two HV V Golf companies.

“As these two entities own the company and group Reef Subsea AS, it is GC Rieber Shipping’s opinion that there may be significant risk related to GC Rieber Shipping’s outstanding receivables for the charter of vessels to subsidiaries of Reef Subsea. The outstanding receivables amount to NOK 45 million,” the company said in a statement.

In addition, GC Rieber Shipping said it will seek to recover amounts due through established collateral in Reef Subsea AS.

Share this article

Follow Subsea World News

Events>

<< May 2017 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

IMCA ROV SEMINAR

This seminar is designed to assist IMCA members in dealing with these, with a programme of technical and operational topics affecting…

read more >

Offshore Wind Energy 2017

In 2017, EWEA and RenewableUK will join forces to bring you the greatest conference and exhibition Europe has ever known in the history…

read more >

UTC 2017

The subsea industry has, as all other parts of the oil & gas industry, been seriously rattled by the most severe downturn in the hydrocarbon energy era. However, the realization of what hit us and actions to be taken to sustain a healthy and profitable future is still on-going – unfortunately with thousands of colleagues paying the price by losing their job as one of the most severe consequences. At this time, there are signs that we have reached bottom in terms of most industry indicators, but few experts expect a sharp recovery. Many seem to believe that a slow recovery is what the industry needs in order to avoid an unsustainable capacity build-up, as seen in the period after the financial crisis. Considering the uncertainty of what the future will bring, this year’s UTC Program Committee have decided to challenge all of us to present ideas, experiences, technological innovations, business models and execution models for how to shape our subsea future and explain how and why subsea is the future.
UTC welcomes abstracts based on the topics listed below. If selected, please consider writing a paper in addition to the UTC presentation. From 2017, UTC papers will be published in an international database.

More info

read more >