Reach Subsea extends charter of 2007-built subsea vessel

Norway-headquartered Reach Subsea has extended the charter of Olympic Subsea’s multifunctional subsea support and construction vessel Olympic Triton.

Following a six-month charter of the vessel announced on 6 February, Reach Subsea reported that it had exercised the option to charter the 95-meter-long vessel for three years plus two yearly options.

“The strong market growth for subsea services is expected to continue for many years, with thousands of new offshore wind turbines to be installed and serviced, and increasing activity in the traditional oil and gas sector,” said Jostein Alendal, CEO of Reach Subsea.

“With an end-to-end service offering for ocean data and services, Reach Subsea is perfectly positioned, and by chartering Olympic Triton for the coming three years on attractive financial terms we are further strengthening our ability to leverage the accelerating market.”

Olympic Triton is a versatile multifunctional subsea vessel with a 150 tons crane and a large accommodation and deck capacity.

According to Reach Subsea, the 2007-built vessel is suitable to meet client requirements within both the renewable energy and oil and gas sectors.

The company has already used the vessel for a project with a renewable energy company in North West Europe that kicked off in the first quarter of 2023.

“We are impressed with the performance of the vessel and the marine management from Olympic, and we are very happy to further build on our long-standing fruitful cooperation. The structure of the contract implies limited risk and a good upside for both Reach Subsea and Olympic and includes a portion of profit sharing between the two parties,” Alendal said.

Speaking about other company-related news, it is worth mentioning that earlier this year Reach Subsea, in a joint venture with Eidesvik Offshore, completed the acquisition of the subsea inspection, maintenance, and repair (IMR) vessel Viking Reach.