North Energy Capital Ups Reach Subsea Stake

North Energy Capital has acquired additional stake in Norwegian contractor Reach Subsea, the Oslo-listed firm informed on Friday.

With acquisition of 4,619,014 shares, North Energy Capital has become the second largest shareholder in Reach Subsea with 9.8 percent of the issued shares and voting rights.

In addition, West Supply II Operation has divested 5.5 percent of outstanding shares in Reach Subsea, and as of today holds no shares in the company.

The company’s largest shareholder, as per June 29, 2016, is Accello Partners with 30.3 per cent, followed by, as of today, North Energy Capital with already mentioned 9.8 percent and Joso Invest with 7.9 percent in the third place.

For the second quarter of 2016, Reach Subsea generated net profit of NOK 3.3 million, or NOK 0.04 per share, on revenue of NOK 89.5 million.

Subsea World News Staff

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