Home of Bluestone: GC Reiber buys Bluestone Offshore to boost presence in Asia
GC Reiber digs into Bluestone
GC Rieber has bought a 40% stake in Singapore-based deepwater core drilling analysis company Bluestone Offshore.
The purchase was made through a private placement for an undisclosed amount.
Bluestone is due to have its first vessel, the remotely operated vehicle, Bluestone Topaz (previously the Toisa Mariner), delivered at the end May.
The vessel will be upgraded and equipped with a derrick system and drill pipe capable of operating in water depths of up to 1800 metres, suitable for most offshore locations in the Asian region. The unit is expected to be operational by the end of the year.
Total capital expenditure for the vessel purchase and subsequent conversion is expected to be approximately $20 million, which will be funded through a combination of equity and bond financing.
Bluestone currently plans to invest in two more vessels, with operational targets in 2009 and 2010. The company also plans to invest in more laboratories.
Through performance mechanisms and share options under the Shareholders' Agreement entered into with the other major shareholders of Bluestone, GC Rieber's stake in Bluestone may increase or be reduced, but is expected to stay between 34% and 40%.