More work on the horizon for Reach Subsea as it reports ‘extremely busy project activity’

Reach Subsea has received a notice of contract award, subject to the outcome of contract negotiation, from what it says is a “major European energy provider”.

Source: Reach Subsea

The potential contract will have a duration of approximately 75 vessel days and is scheduled for execution in the fourth quarter of this year.

The project will see the utilization of one of Reach Subsea’s DP2 subsea vessels and the Surveyor Interceptor onboard high-speed survey remotely operated vehicle (ROV).

“We are delighted to receive this significant contract, which represents a great endorsement by a major European energy company. We entered the summer season with a record-high order backlog and higher capacity than ever, and during the summer we have been extremely busy with project activity,” said Reach Subsea’s CEO Jostein Alendal.

“In parallel we are experiencing very high tender activity, which confirms our highly positive market outlook driven both by oil and gas investments as well as the roll-out of offshore renewable energy projects.”

Reach Subsea achieved “record” high revenue and operating profit in 2022, with its order backlog being seven times higher than in the year earlier.

The Norwegian company explained that the improvement was fuelled by high utilization, improved pricing, solid execution and the addition of the iSurvey and Octio businesses.

This was not the first time Reach Subsea achieved a record year. Namely, the company reported 2021 as the best financial year in its history.