Reach Subsea to deliver its services to Equinor under multiyear deal

Norwegian state-owned energy giant Equinor has awarded Reach Subsea with a multiyear frame agreement for work on the Norwegian continental shelf (NCS) and internationally.

Reach Subsea

The three-year frame agreement covers all core activities for Reach Subsea, including installation support, seabed intervention, and subsea surveys and monitoring.

Furthermore, Reach Subsea was awarded the first call-off under the frame agreement with Equinor for a gravimetry survey campaign at four Equinor-operated gas fields in the North Sea, the Norwegian Sea, and the Barents Sea.

The work will include using the high-end technology from Reach Subsea’s monitoring group, formerly known as Octio.

Activities will be performed from the newly acquired ROV survey/light construction vessel Viking Reach and will have a duration of approximately two months, starting in the second quarter of 2023.

The call-off includes options for additional work within the capacity of the frame agreement and the vessel will be mobilized with one SROV Survey ROV plus one work class ROV and hull-mounted survey equipment for this purpose.

“We are looking forward to continuing our longstanding and fruitful relationship with Equinor, and we are grateful for the trust Equinor puts in Reach Subsea and our team. The frame agreement will be an excellent driver for growth and utilization of Reach Subsea’s modern and expanded fleet of conventional vessels as well as the unmanned Reach Remote fleet with the two first vessels expected to be launched in 2023,” said CEO of Reach Subsea Jostein Alendal.

“This first call-off under the new Equinor agreement is great evidence of the attractiveness of our expanded product offering, and an excellent start for our new vessel Viking Reach. Now we are looking forward to utilizing our technology for gravimetry based surveys which provides high quality data while using compact equipment that can be handled by smaller and more cost-efficient vessels.”

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To remind, Reach Subsea achieved “record” high revenue and operating profit for the full year and fourth quarter of 2022, reporting an order backlog seven times higher than in 2021.

In terms of most recent news, the Norwegian company in February formed a joint venture with Eidesvik Offshore for the ownership and operation of the subsea inspection, maintenance, and repair (IMR) vessel Edda Sun.