Photo: Reach Subsea

New contracts bring Reach Subsea €20 million

Reach Subsea has secured new contracts amounting to over NOK 200 million (around €20 million) in total, including an “important strategic” contract in Brazil.

According to the Norwegian company, the contract in Brazil is the first result of a strategic partnership with a Brazilian offshore company.

The assignment is for the main season of 2023 and includes the engagement of one offshore vessel with two work class ROVs (WROVs) and personnel.

“The contract in Brazil is very important for us, not only because of its large size, but also since expansion in Brazil has been high up on our agenda for a long time, and now we are taking the first step,” said CEO of Reach Subsea, Jostein Alendal.

“The market is large, and we have a great product offering following the acquisitions of iSURVEY and OCTIO, which will be further strengthened when we launch our first autonomous, unmanned offshore vessels, Reach Remote, next year. Together with our new Brazilian strategic partner, we have now opened up a market with significant growth potential for us.”

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Reach Subsea recently entered into an agreement with Volstad Maritime for the use of the subsea vessel Deep Cygnus as an ‘important step in the long-term fleet planning strategy’.

The vessel will see the installation of launch and recovery systems (LARS) and ROVs prior to delivery to Reach Subsea.

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