Reach Subsea makes moves to meet increasing demand for subsea services

Reach Subsea makes moves to meet increasing demand for subsea services

Norway-headquartered Reach Subsea has secured charters for two vessels with the aim of meeting the increasing demand in the subsea services market.

Reach Subsea has secured charters for the Northern Maria and Olympic Taurus.

For Northern Maria, the charter arrangement includes a three-year firm period and 6+6 months options.

According to Reach Subsea, Northern Maria is a versatile survey vessel with a 20-ton crane and sufficient accommodation and deck capacity, suitable to meet client requirements within both the renewable energy and oil & gas sectors and is an important step to take an increased market share in the early-stage survey market for offshore wind projects, as well as being a capable vessel to perform subsea inspections campaigns.

Reach Subsea makes moves to meet increasing demand for subsea services
Northern Maria. Source: Reach Subsea

For Olympic Taurus, a project charter commenced in January for a duration of 100 days, with the potential for extension up to an additional 2+2 years.

The multipurpose offshore vessel, featuring diesel-electric propulsion, is equipped with a helideck and an AHC crane, and offers versatility suited for deployment in the IMR/LCV segments.

Olympic Taurus. Source: Reach Subsea

Both charters are subject to final approval from lenders.

“With a secured backlog for upcoming project periods and long-term charter options in place, we are enhancing our capacity to capitalize on the rapidly advancing global market. Reach Subsea is ideally situated with a comprehensive service portfolio spanning ocean services and data provision, catering to both the growing renewables sector and the established oil & gas market,” said Jostein Alendal, CEO of Reach Subsea.

In January, Reach Subsea announced it had increased its order backlog by securing new contracts, extending existing ones, and receiving call-offs within current frame agreements in the North Sea and the Americas region.

The news came after the company signed a charter contract with Agalas for a low-emission IMR/survey vessel with a smart lifting arrangement, and an equipment package that can adapt to numerous market segments.