Reach Subsea lands five-year deal with Statoil
- Business & Finance
Norwegian subsea services provider Reach Subsea has been awarded a frame agreement for the provision of inspection, maintenance and repair (IMR) services to Statoil.
The frame agreement has a duration of five years and starts in 2019, Reach Subsea said on Friday.
Commercial terms under the agreement are confidential between the parties. However, the frame agreement is call-off based, which means that Statoil can award contracts for IMR services in the North Sea on an as needed basis, the company explained.
Reach Subsea CEO, Jostein Alendal, said: “We are proud to be awarded the IMR Frame Agreement with Statoil, which is of significant strategic importance and improves visibility for our service offerings for the next five years.”
Statoil also recently awarded a five-year contract to Subsea 7 for the provision of subsea inspection, repair and maintenance services on the Norwegian Continental Shelf. The contract involves the provision of a life of field support vessel Seven Viking for five years.
The services includes onshore project planning and offshore operational execution.