Restructure plans underway at Reef Subsea

Reef Subsea will undergo a strategic group-wide restructure to position the company for further growth and future success. Duncan MacPherson, who previously held the role of Managing Director of Reef Subsea Norway, has been promoted as the CEO of Reef Subsea with the responsibility of implementing the new strategy.

Initiated by Reef Subsea’s owners and Board of Directors, the strategic restructure aims to ensure that Reef Subsea remains focused on existing and future customer needs to become even more competitive within its core markets. It will bring together the Power & Umbilical and IMR & Construction divisions to form one vessel services division that can share the exceptional pool of engineering talent. The Dredging & Excavation division will be strengthened to support its worldwide operations better. The reorganisation will open up a number of senior positions in the group, including that of a Chief Operating Officer and a Chief Commercial Officer.

As part of the new strategy, Reef Subsea also announced that it would no longer take the delivery of the newly-build MT 6022 MkII design vessel from Olympic Shipping, originally planned for delivery Q3 2013. Reef Subsea will now look to place a commitment on a similar capability vessel for delivery during 2014. The timing of this new commitment will be aligned with the delivery of the reorganisation process.

The major shareholders of Reef Subsea, HitecVision and GC Rieber Shipping will continue to support the company in its further growth plans.