Reach Subsea Adds New Contracts

Norwegian offshore services company Reach Subsea said Tuesday it has recently been awarded several contracts and call-offs under frame agreements.

The company said it had won the contracts both alone and in partnership with Sweden's MMT.

"We now have approximately 800 project days secured for 2021 execution, compared with the 550 days announced in our 4Q 2020 report, which is well above the levels secured at the same time last year," Reach Subsea said.

The company said its projects are evenly spread across project types as survey, inspection, and light construction, serving clients within both oil & gas and renewables. It did not share further details on the projects nor on the value of the contracts.

Jostein Alendal, CEO of Reach Subsea, said: "Our visibility keeps improving as we are about to enter this year’s North Sea season. We are encouraged by the good start to 2021, compared with how 2020 started, which means we are entering the high season at a better pace than last year - a year that ended up being a record for us. Looking ahead, we will make every effort to keep up the good pace."

To remind, Reach Subsea's partner MMT was recently acquired by Ocean Infinity.

Reach and MMT have a pool cooperation where the risk and profit on certain vessels are shared, as well as a 50/50 ownership in Surveyor AS which owns our two high-speed survey ROVs (Surveyor).  

Reach said that the cooperation with MMT would continue unchanged "with the only difference being that MMT is now owned by an industrial shareholder with strong ambitions."