GC Rieber Shipping has entered into an agreement with its Joint Venture partner, to buy its 50% share of the icebreaking tug Polar Circle. Following the purchase GC Rieber Shipping will fully own the vessel.

“Polar Circle, designed by GC Rieber Shipping and built in 2006, is a testament to the strong maritime project development potential and excellent design capabilities within our organization. The vessel is unique and holds strong development potential. It has solid capabilities in environments that likely will carry high importance in the years to come”, Einar Ytredal, CEO of GC Rieber Shipping commented.

The opportune purchase was priced significantly below book value and GC Rieber Shipping expects an impairment of approx. NOK 27 million in the fourth quarter of 2022.