Reach Subsea has entered into an agreement with Olympic Subsea for use of the subsea vessel Olympic Challenger for 2 years, with an option to extend for 1 year. The commercial terms of the charter agreement are confidential between the parties, but is structured in a way that enables Reach to offer a competitive subsea service to our clients.
The vessel already has two ROVs mobilised onboard, which Reach will lease initially. Thus, investments associated with this expansionary move are limited at the outset.
Reach will mobilise the vessel during April 2018 and use the vessel on own projects within IMR and light construction within the oil & gas and renewables sectors. This subsea spread is well suited for our core focus markets, and has a good fit with the tenders we currently have outstanding.
With this latest addition to our fleet, Reach currently markets 7 subsea spreads alone and together with our partner MMT, contributing to our strategy of carefully expanding our platform into a market recovery.
Jostein Alendal, CEO of Reach says: “We are pleased to be able to offer another quality subsea spread to our clients, and Olympic Challenger is a vessel that fits nicely into our focus markets. An important part of our operational strategy is to co-operate with shipowners renowned for high quality performance, which we have experienced first hand with Olympic Subsea on the successful Allseas project. We look forward to continue the good cooperation with Olympic Subsea in the years to come.”