Reach Subsea wraps up iSurvey acquisition

Norwegian subsea contractor Reach Subsea has completed the acquisition of an offshore survey company iSurvey.

Illustration (Courtesy of Reach Subsea)
Illustration (Courtesy of Reach Subsea)

The parties have initiated closing of the acquisition worth €13.85 million (NOK 135 million), announced back in February 2022.

The only remaining step of the acquisition process is the registration of the share capital increase with the Norwegian Register of Business Enterprises, according to Reach Subsea, which completed the subscription of and payment (in kind through set-off) for the 33,846,153 consideration shares to be issued.

Following such registration, the new share capital of the company will be NOK 178,786,861, divided into 178,786,861 shares, each with a nominal value of NOK 1.

Jostein Alendal, CEO of Reach Subsea, said: “With the acquisition of iSurvey, we are developing Reach Subsea into a larger, more robust, fully integrated company, with strengthened in-house data management and data processing capabilities.

“This will enable us to take on larger subsea projects on a global scale and accelerate our expansion into emerging new industry verticals, such as offshore wind.

“Through our long-standing relationship with iSurvey, we know the two organizations are a good cultural fit, as well as complementing each other’s technology offerings and customer portfolios.”

The acquisition is also expected to strengthen Reach Subsea’s inhouse software and competence for the Reach Remote unmanned surface vessels (USV), scheduled for delivery in 2023.

By 2025, Reach Subsea’s ambition is to provide a full portfolio of subsea services from a low-emission, cost-effective remote and autonomous fleet.

To remind, Norwegian maritime group Wilhelmsen recently acquired a 21% stake in Reach Subsea to position itself in the renewable value chain and explore the remote subsea concept.

Through the strategic partnership, the companies will work to commercialize the Reach Remote concept, and to bring Reach Subsea into new industry verticals and geographical regions.

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