Reach Subsea expands subsea service capacity due to 'substantial tender pipeline'

Reach Subsea expands subsea service capacity due to ‘substantial tender pipeline’

Shortly after securing a 100-day project charter for the subsea vessel, Norway-headquartered Reach Subsea has extended the charter for Olympic Taurus due to a “solid backlog and substantial tender pipeline for the coming periods”.

Olympic Taurus. Source: Reach Subsea

In mid-February, Reach Subsea announced a 100-day project charter for Olympic Taurus with extension options for 2+1+1 years and has now extended it for an additional two years, retaining options for another 1+1 years.

The company has also ordered two new Constructor-type remotely operated vehicles (ROVs) from Kystdesign AS, with delivery in May, which will be financed through an equipment leasing frame agreement. 

The Constructor is a heavy-duty ROV designed for carrying and operating large tools and modules and has a depth rating of 3,000 meters, Reach Subsea said.

“With a solid backlog and substantial tender pipeline for the coming periods, we are enhancing our capacity to capitalize on the rapidly advancing global subsea market,” said Jostein Alendal, CEO of Reach Subsea.

“The addition of the two new Constructor ROVs not only enhances our fleet’s flexibility but also bolsters our capability to efficiently execute a diverse range of underwater tasks. These cutting-edge ROVs seamlessly integrate into our existing portfolio of assets, further solidifying our position to effectively address the demands of our clients.”

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In the company’s latest financial results, Alendal said that Reach Subsea was experiencing a high organic growth potential in the foundation it had set the past years and that the company was “very optimistic for the years ahead”.

To remind, the Norwegian firm reported record-high numbers for the fourth quarter of 2023 and the whole year, with all parameters driven by growth, improved pricing, and strong project execution.