Multiple Contracts for Reach Subsea, MMT

Reach Subsea and MMT have together been awarded several contracts and call-offs under frame agreements for 2020 execution, representing about 450 project days, Reach said Friday.

According to the Oslo-listed company, the projects involve inspection, survey, and construction support work across Europe and the Americas, for major operators in both the oil & gas and renewables sectors. The company did not say who the clients were nor did it disclose the financial details.

"With the addition of these contracts, our schedule indicates good utilization during the summer season. Reach now have approximately 750 project days (equivalent to about 1,300 ROV days) for 2020 execution, of which 160 (254 ROV days) were executed in the first quarter, and about 250 project days (400 ROV days) for 2021 execution," Reach Subsea said.

 As of now, the projects we are involved in are going ahead as planned, but we are aware that in these extraordinary times things can
change.

Jostein Alendal, CEO of Reach Subsea, said: "We are pleased to have secured contracts in a challenging time and we see that our good performance is working as a hedge to market shocks. We have taken serious measures to ensure the safety of our personnel during the COVID-19 pandemic, which has been very successful so far".  

P-O Sverlinger, CEO MMT added: "It is also encouraging to see that our clients are starting to recognize the benefits of our high-speed survey ROVs and that some 300 of the recently awarded project days are related to inspection and seabed mapping campaign projects primarily in the renewables sector."