Norwegian owner and operator GC Rieber Shipping has reached an agreement to sell shares in offshore seismic firm Shearwater Geoservices for $50.5m, reducing its ownership from 17% to 8.5%.

Following the transaction, which is expected to be completed shortly, GC Rieber Shipping will not hold rights in the shareholder agreement and the remaining shares will be booked as financial assets at fair value.

“The sale increases GC Rieber Shipping’s investment capacity and positions the company to build a diversified portfolio of investments based on our experience and competence of developing maritime projects,” said Einar Ytredal, CEO of GC Rieber Shipping.

Shearwater was established in 2016 as a joint venture by GC Rieber Shipping and Rasmussengruppen. The Bergen-based firm is one of the majors in the seismic vessel sector. The company’s other main shareholder is Schlumberger.

GC Rieber Shipping currently owns four ships, of which one is a multi-purpose support vessel.