Good start to the year

Reach Subsea ASA (“Reach”) has through its cooperation with partner MMT Sweden been awarded a three-year contract, with two one-year options for Nord Stream AG. The yearly inspections, to be executed in cooperation with MMT Sweden, include visual and acoustic survey services critical for the pipeline integrity assessments, covering inspection of the European sections of both lines of the Nord Stream Pipeline System running from Russia to Germany.

This award follows on from the original contract awarded in 2017. One of the key advantages from this continued collaboration is the development resulting from the experiences gained during the last four years. This allows for significantly reduced costs and increased efficiency by high-speed survey operations and automated data processing workflows. The 2021 scope under the new contract will be executed in 1Q-2Q.

Furthermore, Reach has recently been awarded several other contracts and call-offs under frame agreements for 2021 execution. Approximately 550 project days are now secured for 2021 execution, which is an improvement from the 400 days secured at the same time last year. 

Jostein Alendal, CEO of Reach, comments: “We are pleased to see that quality in execution once again proves to be a recipe for repeat business from our clients. As we enter 2021, we are encouraged with how the first part of the year is shaping up, with a schedule that looks much better than at the same time last year.”