CONTRACT AWARDS

Stril Explorer

Reach Subsea ASA (“Reach”) has been awarded a call-off under our frame agreement with BP for 2021 execution, representing about 80 project days.

The project involves both IMR and construction support work in Trinidad & Tobago, and will be performed by the Stril Explorer spread in co-operation with MMT.

Taken together with other recent smaller contract awards, our schedule now indicates good utilization during the summer season for all of our subsea spreads. Reach now has approximately 1,000 project days (equivalent to about 1,300 ROV days) for 2021 execution, of which 375 (405 ROV days) were executed in the first quarter. The remaining approximately 625 project days are primarily for execution in the summer season of 2021. These figures do not include options and expected call-off extensions under frame agreements, which from experience can constitute significant additional work.

Jostein Alendal, CEO of Reach Subsea, comments: “We are pleased to have secured contracts in the Americas region again, and we see it as a sign of increased activity due to the reopening after lock down. Our constant focus on operational excellence and our strong HSE focus has proven to be a differentiating factor during the COVID-19 pandemic, as clients increasingly appreciate reliability and deliverability from their suppliers.”

P-O Sverlinger, CEO of MMT, comments: “It is with pride we will continue to deliver quality services to BP through our solid pool collaboration with REACH and we are pleased to be able to return to the Trinidad region again.”

For further information, please contact Jostein Alendal, CEO or Birgitte Wendelbo Johansen, CFO