GC Rieber Shipping has entered into an agreement to sell the SURF / Construction
Vessel Polar Onyx, built at Ulstein Verft in 2014. The sale includes the VLS
tower onboard the vessel.
The buyer is offshore wind service conglomerate Dong Fang Offshore Co., Ltd, and
Hung Hua Construction Co., Ltd. Delivery is expected to take place in the first
quarter of 2022.
“Polar Onyx has since delivery proven herself as a solid and valuable asset in
the SURF market. Starting out in Brazil in 2014, the vessel has performed robust
operations on three continents on great depths. Polar Onyx has been an excellent
showcase of GC Rieber Shipping’s capabilities as ship owner and vessel partner.
It’s pleasing to see Dong Fang Offshore and Hung Hua Construction find our high
-end asset attractive and have chosen our vessel as their future cable layer”,
Christoffer Knudsen, CCO of GC Rieber Shipping commented.
The sale will result in a positive liquidity effect of approximately USD 20
million after repayment of the vessel`s outstanding debt. Due to the sale, an
impairment of approximately USD 3 million for Polar Onyx is expected to be
recognized as per 31 December 2021.
GC Rieber Shipping will continue to pursue its strategy as a shipowner and
project-house with focus on developing profitable and sustainable maritime
“The sale concludes a multi-year strategic process in converting GC Rieber
Shipping into a modern project-house ; delivering profitable and sustainable
maritime projects. Following seven years of a depressed market, the company is
emerging reshaped, debt free and excellently positioned as an attractive
maritime partner, ready to invest in new vessel solutions contributing to the
energy shift”, Einar Ytredal, CEO of GC Rieber Shipping commented.
For further information, please contact:
Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Christoffer Knudsen, CCO, GC Rieber Shipping, phone: +47 926 18 226
About GC Rieber Shipping:
GC Rieber Shipping is a shipowner and project-house with focus on developing
profitable and sustainable maritime projects.
Further information about the company, please go to www.gcrieber-shipping.com.
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.