Contract Update

Breaktrough in US offhore wind

Reference is made to the stock exchange release from 24 April 2020, where Reach Subsea ASA (“Reach”) notifies about contract awards representing 450 project days.

We are pleased to now disclose that one of the contracts included in said release represents a breakthrough in the US offshore wind markets, through a major survey contract for Equinor’s lease area offshore New England. The contract was awarded to MMT US Inc, for execution through the Reach-MMT cooperation.

Reach Subsea and MMT Sweden have today issued the following press release in such respect:

MMT and EQUINOR to Perform Innovative Surveys in the US

Equinor Wind US, a leading offshore wind business in the US, has awarded a contract for geophysical survey services to MMT US Inc, a subsidiary of MMT Group AB, a leading contractor of marine survey services, asset integrity and construction support.

The contract covers high resolution geophysical, benthic surveys and shallow subsurface surveys for the planning and engineering of Equinor’s lease area offshore New England. The project will be performed utilising the Stril Explorer vessel, which is equipped with the innovative high-speed Surveyor Interceptor SROV, with survey operations expected to commence in late summer 2020 and are expected to run continuously throughout to Q2 2021.

The SROV Surveyor Interceptor has been developed by MMT and Reach Subsea with the aim of revolutionizing geophysical surveys. For this project, the use of the SROV onboard the Stril Explorer will significantly increase the operational window, cut operation time, and reduce the impact on the surrounding wildlife by reducing the noise in the water column. This method will also allow all surveys to be conducted from a single vessel rather than the standard two-vessel deployment. Since its introduction in 2015, the Surveyor Interceptor has gradually gained a proven track record for Equinor and other clients by providing improved survey data quality at a higher speed than any other survey platform.

To achieve all the offshore wind data requirements, the Surveyor Interceptor will be developed further to include even more sensors through the continuous research and development efforts by MMT and Reach.
P-O Sverlinger, CEO MMT comments: “This award is strategically important as MMT/Reach has been preparing to support our clients in the US offshore wind industry for more than two years now. We have a long experience from the Renewables segment in Europe and developers have shown interest in using our professional support in the US market. They know what we can deliver and we know their requirements on both a safe and efficient operation and the quality of deliverables.”

Jostein Alendal, CEO Reach Subsea comments: “This major award is a testament to the combined capabilities of Reach and MMT, our track record worldwide, and our ability to develop innovative solutions. To be in the technological forefront demands a good portion of stamina and it is encouraging for the whole team to get this recognition from a leading operator like Equinor. This type of big volume challenges really gives a push to our drive to always take the next step into the future of digitalization and emission free operations. Offshore installations in all forms will increase in the coming years and mapping of the entire seafloor has just started, exciting times ahead.”

About MMT

MMT provides the Renewables, Oil & Gas, and Interconnector industries with high-resolution marine surveys, asset integrity and construction support. In addition, we support governments, companies, organizations and investors in exploring the seafloor.

Our global operations are covering North Sea, Baltic Sea, Atlantic Ocean, Caribbean and the Mediterranean / Black Sea.

Together with Reach Subsea, our partner since 2014, we find new ways and possibilities for our clients. The collaboration started with a joint ownership, along with the design and development of the Surveyor Interceptor (SROV). The partnership has developed and today we have a vessel pool agreement in place, where MMT and Reach Subsea share the costs for the assets of a number of larger offshore vessels.

About Equinor

Equinor is developing into a broad energy company, building a material position in renewable energy. Equinor now powers more than one million European homes with renewable offshore wind from four projects in the United Kingdom and Germany. Equinor commissioned the world’s first floating offshore wind farm in 2017 off the coast of Scotland. In the U.S., Equinor’s Empire Wind is an 816 MW offshore wind project in New York state approximately 20 miles south of Long Island. In addition, Equinor recently acquired a 128,000-acre lease area in federal waters off Massachusetts. Equinor is also developing offshore wind in Poland, as well as solar energy in Brazil and Argentina.