Haugesund, 23 February 2023: With reference to the previously communicated plan
to bring in a strategic partnership for co-ownership of the ROV support vessel
Edda Sun, Reach Subsea announces a new joint venture with Eidesvik Offshore for
the ownership of the vessel. The joint venture is owned 50.1 percent by Eidesvik
and 49.9 percent by Reach Subsea.
Under its new name Viking Reach the vessel will commence on a 6-year contract
between the JV and Reach Subsea starting in Q2 2023. In addition to being
co-owner, Eidesvik will provide full technical management, crewing and operation
of the vessel. Edda Sun is a very well suited vessel for survey and light
construction projects, and will be mobilized with one Supporter WROV and one
Reach Subsea has over the recent months taken significant steps to put in place
a renewed strong long-term core fleet and announced the acquisition of Edda Sun
for USD 29 million on 24 November 2023. With the JV with Eidesvik Offshore, the
acquisition of the vessel is fully financed. Reach Subsea’s share of the
investment is financed through equity and bank financing. Settlement of the
acquisition and delivery of the vessel will take place in March 2023.
“Eidesvik has been a strategic partner for Reach Subsea for many years and we
are pleased to further strengthen our relationship both with regards to
co-ownership and operations. We are currently seeing record high activity in the
subsea market and this joint venture represents an important step for us in
terms of securing a long-term core fleet portfolio,” said CEO at Reach Subsea,
In addition to the acquisition of Edda Sun, Reach Subsea has recently entered
into long-term charters of the subsea support vessels Deep Cygnus, Go Electra,
and Olympic Triton.
“With this we have secured a strong fleet at attractive terms. Being an
end-to-end subsea service provider, we are now ready for continued growth in a
strong market,” said Jostein Alendal.
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
About Reach Subsea:
Reach Subsea ASA Group offers subsea services as a 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, focusing on safety, environment, financial
solidity and profitability.
About Eidesvik Offshore:
Eidesvik Offshore ASA owns and operates a world-wide fleet of purpose-built
vessels, providing services to the offshore supply, subsea and offshore wind
Their dedicated crews at sea and on land take great pride in delivering
efficient high-quality seamanship, services, and operations to our clients. For
decades Eidesvik has also had a clear vision of using as little fossil fuel as
possible to minimise our emissions – resulting in a strong reputation as a
pioneer in implementing new environmental technologies in both newbuilds and
Eidesvik’s headquarters is located at Bømlo, between the cities of Haugesund and
Bergen on the Norwegian west coast.
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act. The information was submitted for
publication by CFO Birgitte Wendelbo Johansen, on behalf of the Company at the
date and time set out above.