Oslo: Stavanger based private equity fund HitecVision might lose to up to $500m while GC Rieber Shipping might lose $200m following the bankruptcy of oil services company, Reef Subsea.
Originally Reef Subsea, which is a service provider to the oil industry, started up as a joint venture between Bergen based GC Rieber Shipping and HitecVision. At the beginning of the year GC Rieber Shipping sold its shares to HitecVision for around $180m, after taking heavy losses.
GC Rieber Shipping has also chartered ships out to Reef Subsea.
UK-based Reef Subsea appears to be the first company in its segment to have been knocked over after oil prices collapsed.
