Reach Subsea ASA: Subsea vessel Deep Cygnus secured for 4+1 years

14 July, 2022: Reach Subsea, the trusted data and subsea service provider for ocean-based industries, has entered into an agreement with Volstad Maritime for use of the subsea vessel Deep Cygnus for 4 years, with an option to extend for 1 year.

“We have entered a phase of strong market development for subsea services, and with Deep Cygnus we are securing capacity for the coming years, during the transition to more unmanned operations with our Reach Remote concept.

Deep Cygnus is a vessel that fits nicely into our focus markets. The vessel has a solid track record within the renewables segment, which we intend to use as a door opener for selling subsea services to the same clients. Volstad Maritime is a new supplier to us, but we have been very pleased with what we have seen so far on the vessel and within the organization,” said Jostein Alendal, CEO of Reach Subsea.

“We are very excited to start working with Reach Subsea on the Deep Cygnus next year. The vessel has proven to be a great platform for both renewables and subsea work and we are looking forward to investing further in the vessel to continue delivering the highest quality service with a strong focus on reliability, safety and low emissions,” said Eirik Syversen, Commercial Director of Volstad Maritime.

The commercial terms of the charter agreement are confidential between the parties but are structured in a way that enables Reach to offer a high-quality subsea service to our clients. The vessel will be installed with launch and recovery systems (LARS) and ROVs prior to delivery to Reach Subsea. Reduced carbon footprint is a high priority for Reach Subsea, and battery installation on the vessel is scheduled during the winter of 2023/2024.

The deal with Volstad Maritime is an important step in the long-term fleet planning strategy, where our focus is to have a good mix of manned and unmanned vessel that will serve our customers efficiently.

Reach will mobilise the vessel during February/March 2023 and use the vessel on own projects within IMR (inspection maintenance and repair) and light construction within the oil & gas and renewables sectors. This subsea spread is well suited for our core focus markets and has a good fit with the tenders we currently have outstanding.

For more information please contact: Birgitte Wendelbo Johansen