Reach Subsea: Strategic 3-year frame agreement with Equinor

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Reach Subsea ASA has been awarded a three-year frame agreement with Equinor for work on the Norwegian continental shelf and internationally  to 2026. The agreement covers the full spectrum of Reach Subsea services.

“We are looking forward to continuing our longstanding and fruitful relationship with Equinor, and we are grateful for the trust Equinor puts in Reach Subsea and our team. The frame agreement will be an excellent driver for growth and utilization of Reach Subsea’s modern and expanded fleet of conventional vessels as well as the unmanned Reach Remote fleet with the two first vessels expected to be launched in 2023. I would also highlight that we now will support a customer across the full spectrum of services, including survey and data processing services that we obtained through the acquisitions of iSurvey and Octio,” said CEO of Reach Subsea Jostein Alendal.

The frame agreement covers all core activities for Reach Subsea, including installation support, seabed intervention and all forms of subsea surveys and monitoring.

Reach Subsea also announces the award of the first call-off under the frame agreement with Equinor for a gravimetry survey campaign at four Equinor operated gas fields in the North Sea, the Norwegian Sea, and the Barents Sea. The work will include utilization of the high-end technology from Reach Subsea’s monitoring group, formerly known as Octio. The activities will be performed from the newly acquired ROV survey/light construction vessel Viking Reach The work will have a duration of approximately two months and will start in the second quarter of 2023. The call-off includes options for additional work within the capacity of the frame agreement and the vessel will be mobilized with one SROV Survey ROV plus one work class ROV and hull mounted survey equipment for this purpose.

“This first call-off under the new Equinor agreement is great evidence of the attractiveness of our expanded product offering, and an excellent start for our new vessel Viking Reach. Now we are looking forward to utilizing our technology for gravimetry based surveys which provides high quality data while using compact equipment that can be handled by smaller and more cost-efficient vessels. In the future this technology is a perfect fit with Reach Remote,” said Jostein Alendal.

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