Reach Subsea, a data and subsea service provider for ocean-based industries, has entered a charter contract and corresponding option arrangement with Olympic Subsea, a provider of marine transportation services, for the multifunctional subsea support and construction vessel Olympic Triton .
The charter agreement is expected to help Reach Subsea to serve another contract with an undisclosed renewable energy company for delivery of offshore wind-related services.
Reach Subsea explained that the charter has a duration of six months plus options, matching the duration of the contract with its renewable energy client.
The subsea services company reserves the option to extend the agreement for another three plus two years within a four-week period from signing.
Olympic Triton is slated for delivery in the first quarter of 2023 in conjunction with the start-up of the renewable energy contract.
“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 , CEO of Reach Subsea.
The Norwegian subsea services provider informed that the added capacity comes with limited risk and significant upside for Reach Subsea, and includes an element of profit sharing.
Olympic Triton is a versatile multipurpose supply vessel (MPSV) with a 150 tons crane and a large accommodation and deck capacity.
“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 that 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,” Josteid Alendal added.
When it comes to the Norwegian company’s most recent deals, it is important to note that Reach Subsea signed an agreement to acquire one of the Østensjø Rederi-owned multipurpose ROV support vessels in December 2022. In addition, the firm also boosted its fleet portfolio with a long-term charter deal for one of Go Marine Group’s vessels.