Reef makes Rieber bleed

The Oslo-listed owner posted a loss of NOK 201.4m ($26.8m) for the fourth quarter, versus a loss of NOK 73.5m in the corresponding period.

This red figure includes a loss provision of NOK 211m, most of which is related to a seller’s credit from the disposal of Rieber’s stake in Reef Subsea to HitecVision funds.

As TradeWinds has reported, two HitecVision funds have folded and Rieber said today Reef has gone bankrupt as well.

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