Reach Subsea Adds to Its ROV Backlog

Reach Subsea, Oslo-listed subsea services provider for the offshore energy sector, has added to its contract backlog.

The company had in its 1Q 2020 report said that it had secured 750 project days (representing 1,250 ROV days) for the remainder of 2020.

In a statement on Wednesday, Reach Subsea said that since the 1Q report, it has, together with cooperation partner MMT Sweden AB, been awarded additional contracts and call-offs under frame agreements for 2020 execution, representing about 250 project days (400 ROV days). 

The projects involve both inspection, survey, and construction support work in both the oil & gas and renewables sectors.

"With the addition of these contracts, our schedule indicates high utilization through 3Q 2020. Reach Subsea now has approximately 1,000 project days (equivalent to about 1,650 ROV days) for 2Q-4Q 2020 execution, and about 300 project days (450 ROV days) for 2021 execution," Reach Subsea said.

Jostein Alendal, CEO of Reach Subsea, comments: "We are pleased to have secured contracts in a challenging time and we see that our good performance continues to benefit us in securing more work from our clients. With 3Q well covered our focus is now to build further on our schedule for 4Q and beyond, for which we have several leads, and execute the projects we already have to the high standard our clients have come to expect".