CONTRACT AND VESSEL UPDATE

Published: July 13, 2017

Reference is made to press release dated 12 June 2017 regarding a

Letter of Intent (“LOI”) for a project with estimated duration of

four months. As mentioned, the project would require a fleet

expansion, and the DP2 subsea vessel M/V Olympic Delta, with two

ROVs mobilised onboard, has been secured for execution of this

project. Also note that expected start-up has been postponed from

June 2017 until August 2017. Further details on this project will be

released when the LOI has been converted into a final contract.

 

Our partner MMT Sweden AB has today announced that it has chartered

the Olympic Delta on a long-term contract with the Norwegian ship

owner Olympic Subsea ASA. At the same time, Reach Subsea has entered

into an agreement with Delta Subsea, Houston, for hiring two WROVs

already mobilized on board the vessel. This subsea spread is already

at work on its first project in the Bay of Biscay, where Reach

provides the ROV services. Following completion of the Bay of Biscay

project, the Olympic Delta subsea spread will mobilise for start up

of the four month LOI project.

 

Following MMT’s charter-in of the M/V Olympic Delta, Reach Subsea

and MMT will co-operate on providing ROV Survey services on four

subsea spreads (vessel, ROVs, and survey equipment). This includes

the vessels Edda Fonn and Havila Subsea, chartered-in by Reach

Subsea, and Stril Explorer and Olympic Delta, which are chartered-in

by MMT. In addition, Reach and MMT will later take delivery of a

second Surveyor Interceptor, our unique and revolutionary high-speed

survey ROV. Through further product development we have also

improved the interface between the Surveyor Interceptors and the

vessels, allowing for quick and easy transfer of these survey ROVs

across our combined fleet of four vessels, improving client response

time and marketability of the Surveyor Interceptor.

 

Jostein Alendal, CEO of Reach Subsea, says: “The combination of

Reach Subsea’s ROV competence and MMT’s Survey competence has proven

to be powerful, and much appreciated by our clients. We are now

expanding our combined service offering to our clients in a cost

effective way through MMT’s charter-in of the M/V Olympic Delta, and

Reach’ charter-in of the ROVs onboard. First class ROV Survey

services can now be offered from four subsea spreads, with two

revolutionary Surveyor Interceptors readily available on whichever

of the four subsea spreads our clients prefer.”

 

Link to MMT Sweden’s homepage:

https://www.mmt.se/news-media/mmt-expand-their-business/