Contract award and operational figures

Reach Subsea has been awarded several contracts and call-offs under frame agreements for 2020 execution, representing about 200 project days.

The projects involve both inspection, survey and light construction work across Europe and America, for major operators in both the oil & gas, energy infrastructure, and renewables sectors.   Taken together with the approximately 200 project days we had already secured as we entered 2020, and our pipeline of tenders nearing decision, means that we have an unprecedented level of current year visibility when standing in February.  

Jostein Alendal, CEO of Reach, comments: “We are excited to see contracting activity at such a high level already in early February, which contributes well to our 2020 visibility. These awards are a testament to the excellent execution track record for our clients over the past years. Our pipeline of tenders nearing decision is also substantial, so we remain hopeful that the next couple of months will be equally exciting for us.”  

Monthly operational figures for January 2020 are now issued on Newsweb (all Our Stock Exchange notices can be found here: ) . Please note that the execution phase on the projects mentioned above will predominantly start building up towards the latter half of 1Q 2020.      

PS The photo of Olympic Challenger with a tidal turbine on deck is taken by Our Offshore Manager Jarle Salte 🙂