GC Rieber Shipping has completed its geophysical turn as its joint venture with Rasmussengruppen is ready to open its doors.
The Oslo-listed company said the final conditions of the deal with its compatriot have been fulfilled and the transaction has gone through.
Newly formed Shearwater GeoServices will operate with a fleet of four high-end vessels, owned by Rieber.
The new seismic survey venture will also see Rasmussengruppen take over Dolphin Geophysical UK, which filed for bankruptcy last year.
Norwegian investor Rasmussengruppen has been involved in the maritime industry and oil services over several decades.
Shearwater will be 50/50 owned by the companies, with $60m injected into it.
Rieber said: “Shearwater’s core strategy is to provide high quality marine geophysical services and utilize the company’s position as the most cost-efficient company in the industry.”
