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GC Rieber Shipping divests the subsea vessel ''Polar Queen''

Posted on 09.07.2010 - 13:00 EDT in MARINE/VESSEL NEWS by Rons_ROV_Links

GC Rieber Shipping divests the subsea vessel "Polar Queen"GC Rieber Shipping ("RISH") and Acergy ("Acergy") have entered into an agreement for the sale of the subsea vessel Polar Queen.

The Polar Queen was built in 2001, acquired by RISH in 2005, converted to a flexi pipelay & light CSV in 2006 and is currently on long term charter to Acergy until 2012 after which Acergy has options to charter the vessel for another 4 years.

The sale, which is expected to be completed in June 2010, demonstrates the underlying values in RISH and generates earnings per share of about NOK 6.4 and will strengthen RISH' investment capacity in new projects.

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