General – Subsea Services
Reach Subsea, Norway, has been awarded a 6 months plus options contract from a major renewable energy company for delivery of offshore wind-related services.
In order to be able to serve this contract, Reach increases vessel capacity through a charter contract and a corresponding option arrangement with Olympic Subsea for the multifunctional subsea support and construction vessels Olympic Triton.
“The market for subsea services is strong and Reach Subsea has recently taken significant steps in order to secure increased and cost-efficient vessel capacity for the coming years. The Olympic Triton is a modern and versatile vessel which will be an important add-on to our fleet. The structure of the contract implies limited risk and a good upside for Reach and our partners,” said Jostein Alendal, CEO of Reach Subsea.
Olympic Triton is a versatile multipurpose supply vessel (MPSV) with a 150 tons crane and a large accommodation and deck capacity. The charter has a duration of 6 months plus options, matching the duration of the contract with our renewable energy client. Further, Reach has an option to extend for another 3 plus 2 years within a 4-week period from signing. Olympic Triton will be delivered to Reach Subsea in Q1 2023 in conjunction with start-up of the renewable energy contract. The added capacity comes with a limited risk and significant upside for Reach Subsea, and includes an element of profit sharing.
“I am happy to announce this expansion of capacity, which is needed to serve the increased demand from our clients. As it looks right now, we will this season provide services to our client from at least 7 subsea spreads . All in all, we are well positioned in a market which will be driven not only by high activity in the oil and gas sector, but also increasingly renewable energy – not the least offshore wind,” said Jostein Alendal.