Reach Subsea’s subsidiary scores multi-year gig off Australia
OCTIO, a subsidiary of Reach Subsea, has secured a multi-year 4D geophysical monitoring frame contract with an operator offshore Australia.
OCTIO will deploy the proprietary gWatch service to deliver gravimetry and seabed subsidence measurements.
The company will provide technical support for the survey and monitoring planning for the gas fields over the next 18 to 24 months and will conduct the baseline survey in late 2024.
The frame contract is valid until 2025, with two three-year extensions up to 2031.
“This is an international breakthrough for OCTIO and we welcome this opportunity to work with a new client. We look forward to deploying our cost-efficient gWatch service and supporting the client to maximize gas production sustainably,” said Leon Løvheim, CEO of OCTIO.
“The Australian monitoring contract is another strong credential for the attractivity of the OCTIO offering, and we are experiencing significant interest also from other operators worldwide.”
Reach Subsea entered into an agreement with Equinor Ventures at the end of 2021 to acquire OCTIO.
Under the terms of the deal, Reach Subsea acquired Equinor’s interests in the Bergen-based company, as well as the associated company MonViro AS, owned by OCTIO employees.
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