Five months plus options offshore wind contract with tier one renewable energy company

Haugesund, 2 May 2023 – Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, has been awarded a five months plus options contract with a major renewable energy company for delivery of offshore wind related services.

The subsea vessel Deep Cygnus will be utilized on the project, which will commence project in early May 2023. With this fixture the Deep Cygnus has a significant contract coverage for the 2023 season.

The offshore wind market will be a great driver for Reach Subsea in the years to come, and the growth has just started. We are proud to once again have been given the trust from a tier one renewable energy company to deliver high-end services. The Deep Cygnus vessel has performed well in the renewables segment for many years, and we are happy for the continuation as part of the Reach Subsea fleet.

Jostein Alendal, CEO

Reach Subsea last summer signed an agreement for the use of Deep Cygnus for 4 years with an option to extend for one year.

The long-term Deep Cygnus charter is part of our strategy to secure significant high-quality vessel capacity for the coming years, preparing for growing demand for our service offerings in both the renewables- and oil & gas segments in the coming years.

Jostein Alendal, CEO

During the coming winter 2023/2024, Deep Cygnus will go into drydock for periodic maintenance and for battery installation during the winter 2023/2024 and be ready for the 2024 season with a significant reduction in fuel consumption and state of the art subsea equipment.  

In Reach Subsea we have clear short- and long-term targets for reduced emissions, and installation of batteries for electrical propulsion on Deep Cygnus will be another step in the right direction.

Jostein Alendal, CEO

For more information please contact:

Birgitte Wendelbo Johansen
Chief Financial Officer Reach Subsea ASA

Reach Subsea ASA Group offers high quality solutions and technology to clients in need of ocean data and services. Services are offered out of our head office in Haugesund as well as from our subsidiaries and branches located across Norway, US, UK, Cyprus, Singapore, Trinidad and Brazil. The Group’s objective is to be a preferred partner and full-service provider of ocean services for clients, focusing on safety, environment, financial solidity and profitability. Our vision “Sustainable access to ocean space” underpins our commitment to the development of sustainable solutions, with stakeholder groups key interests in focus

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.