MMT, Reach score gig with ‘major oil company’
- Business & Finance
MMT and Reach Subsea have been awarded a contract with a major oil company with start-up in February 2018.
Work performed under the contract will include survey, light construction and engineering for one month with options.
“More information about the contract will be released upon agreement on wording with the client,” Reach said in a statement.
Reach Subsea, based in Norway, and MMT, based in Sweden, in 2015 entered into a Joint Venture agreement primarily for survey services “to achieve more flexibility to the business model and strengthen the companies’ combined market reach.”
Included in the Joint Venture agreement is the shared commitment of the two survey vessels, Edda Fonn on charter to Reach, and Stril Explorer on charter to MMT.
The companies agreed to operate the vessels in a pool arrangement where risk and reward would be shared 50/50 between Reach and MMT.