Reach Subsea secures modern Fit-for-purpose Vessel capacity
Haugesund, 16 November 2021: Reach Subsea ASA (“Reach”), the trusted data and subsea service provider for ocean-based industries, today announced that it has entered into a charter agreement with Olympic Subsea ASA (“Olympic”) for the use of three modern subsea vessels for the 2022 season.
Reach will be chartering the Olympic Artemis, Olympic Delta and Olympic Challenger vessels, which are fully mobilized with ROV equipment and survey equipment and have a low fuel consumption. The vessels are intended for use on projects within Survey, IMR, construction support and light construction within the renewables and oil and gas sector. These subsea spreads are well suited for Reach’s core focus markets and fit well with the requirements in Reach’s frame agreements and the tenders the company currently has outstanding. The commercial terms of the charter agreement are confidential between the parties, but are structured in a way that enables Reach to offer a competitive subsea service to clients.
“This has been a busy year for Reach Subsea and we see the momentum in the market strengthening in 2022 and 2023. In response to this, we’re continuing our operations from these three modern, fit-for-purpose vessels, which will reinforce the trust our clients have in our ability to deliver low-emission, cost-effective subsea services with low risk of operational downtime,” said Jostein Alendal, CEO of Reach Subsea. “This represents another significant step in building Reach Subsea into a leading survey, IMR, construction support and light construction contractor, as we transition into the autonomous future. Our working relationship with Olympic Subsea within subsea operations will continue to strengthen as Reach expands its market share.”
The Olympic Artemis was built in 2015 by Kleven Yard, which makes her one of the most modern survey and IMR vessels in the market. The vessel is built in accordance with the highest North Sea standards, with world-class station keeping and fuel-economic solutions ensuring reduced environmental footprint. Reach has had this vessel in the fleet since 2020, where she performed well on several successful projects. The Olympic Artemis will continue subsea operations into 2023.
Olympic Delta was also built in 2015 and is a slightly larger version of Olympic Artemis. The vessel is outfitted with DP2, 900m2 free deck area, 2 ROV hangars and an 80t AHC subsea crane. Reach has good experience with this vessel, having chartered her in 2017, 2018 and 2021 where she performed well on several successful projects. The Olympic Delta will continue subsea operations into 2023.
Olympic Challenger was built in 2008 and further upgraded in 2021 with MEG tanks and an AUX crane on the back deck. The vessel is outfitted with DP2, 1000m2 free deck area, 2 ROV hangars and an 250t AHC subsea crane. Reach has good experience with this vessel, having chartered her from 2018 until summer 2021, where she performed well on several successful projects. The Olympic Challenger will commence operations for Reach Subsea during 1Q 2022 and will be redelivered in Q4 2022.
We are pleased by the confidence shown to us by Reach Subsea and we are certain that we will be able to continue to deliver an excellent service to Reach Subsea on all three vessels. It has been a pleasure to again team up with Reach Subsea, as one of the leading and innovative players within this service segment. We have worked with Reach Subsea for several years and together we will continue to bring best-in-class solutions to end clients” said Stig Remøy, Olympic Subsea
For further information, please contact:
Reach Subsea ASA
Birgitte Wendelbo Johansen
Reach Subsea ASA
About Reach Subsea:
The Reach Subsea ASA Group’s business concept is to offer subsea services as subcontractor and/or directly to end clients, based out of our head office in Haugesund. The core business of the Group is based on modern, high spec Work ROVs operated by highly qualified offshore personnel, and supported by onshore engineering resources. The Group’s objective is to be a preferred subsea partner and full-service provider of subsea operations for clients, among others by having focus on safety, environment, financial solidity and profitability.