GC Rieber, StatoilHydro Form New Company to Monitor O&G Fields

GC Rieber Shipping ASA has entered into an agreement with StatoilHydro Venture AS and Reservoir Innovation AS to establish the holding company Hexio AS, which has a business idea of offering technology and services related to permanent monitoring (4C/4D) of oil and gas fields in operation through the subsidiary Octio Geophysical AS. GC Rieber Shipping will also transfer the 2D/source vessel, Geo Explorer, to the new company.

GC Rieber Shipping will invest NOK 120 million in equity and will have a 60% shareholding in Hexio, while StatoilHydro Venture and Reservoir Innovation each will own 20%. Hexio will own 74% of Octio, while the remaining 26% will be held by ION Geophysical Corporation.
 

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