Contract awards

Reach Subsea has, together with MMT, been awarded several contracts and call-offs under frame agreements for 2020 execution, representing about 450 project days. The projects involve both inspection, survey and construction support work across Europe and the Americas, for major operators in both the oil & gas and renewables sectors.

With the addition of these contracts, our schedule indicates good utilization during the summer season. Reach now have approximately 750 project days (equivalent to about 1,300 ROV days) for 2020 execution, of which 160 (254 ROV days) were executed in the first quarter, and about 250 project days (400 ROV days) for 2021 execution. As of now, the projects we are involved in are going ahead as planned, but we are aware that in these extraordinary times things can change.

Jostein Alendal, CEO of Reach, comments: “We are pleased to have secured contracts in a challenging time and we see that our good performance is working as a hedge to market shocks. We have taken serious measures to  ensure the safety of our personnel during the COVID-19 pandemic, which has been very successful so far.”

P-O Sverlinger, CEO MMT comments: “It is also encouraging to see that our clients are starting to recognise the benefits of our high speed survey ROVs” and that some 300 of the recently awarded project days are related to inspection and seabed mapping campaign projects primarily in the renewables sector.”

Thanks to Alexander for the nice photos from a project last week in the North Sea 🙂