Reach Subsea – Further increased capacity through long-term contract for an innovative IMR/Survey vessel

Haugesund, 09 November 2023: Reach Subsea , the trusted data and subsea service provider for ocean-based industries, has signed an attractive three or five-year charter contract and additional options with Agalas for a modern IMR/Survey vessel with low emission, smart lifting arrangement and a state of the art equipment package that can be adapted to several market segments, with delivery early 2026.

The market for subsea vessels is expected to remain tight for the foreseeable future, and with the innovative Agalas low-emission vessel, we will to an even larger degree be able to leverage the global market and continue our profitable growth. The vessel is well suited for solving complex tasks within the rapidly growing renewables energy sector, oil & gas as well as emerging ultra deep-water seabed surveys for the seabed mineral industry. The vessel equipped with a 150-ton AHC knuckle boom crane and a spacious deck area of approximately 900 square meters makes it well-suited for conducting IMR and construction work.

Jostein Alendal, CEO

The vessel, equipped with dual fuel gensets, can run on either methanol or a combined MGO/battery system, bolstering Reach Subsea’s commitment to sustainability and climate. When powered by methanol, the vessel’s CO2 emissions are anticipated to be approximately 70 percent lower than those of the existing fleet. When using the MGO/battery system it is projected to achieve a reduction of around 20 percent.

Our vision ‘Sustainable access to ocean space’ is an important guiding principle in our decision making, and the low-emission vessel from Agalas is an important step supporting this direction. This in addition to our Reach Remote vessels currently being built will have a great impact in reducing our emissions going forward.

Jostein Alendal, CEO

The new vessel will be constructed at the Sefine Shipyard in Turkey. It will be tailored to Reach Subsea’s requirements, and specifications have been developed in close collaboration between Reach, Agalas and NSK Ship Design (as designer). It will be equipped with an innovative ROV launch and recovery system (LARS) and prepared for the deep-water seabed survey market.

The contract with Reach Subsea marks a significant milestone in our commitment to sustainability, technological innovation, and the continued growth of our operations. We look forward to the opportunities and growth that this partnership with Reach Subsea offers and the positive impact our low-emission vessel will have on the industry and the environment. Together, we are pioneering a new era in subsea services and sustainability, and we are really looking forward to continuing the great relationship with Reach.

Mats Nygaard Johnsen
CEO of Agalas

The contract is subject to final approval from SR Bank, Eksfin and Sparebank1 Nord Norge.

Dimensions99,9 x 21m
Crane150t AHC knuckle boom
Deck area~900m2
Accommodation100 persons
OtherDP2, SPS, 2 x WROV hangars, Hybrid dual fuel propulsion with battery package

For more information please contact:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA

About Reach Subsea
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 Jorunn Håvardsholm, Marketing and Communications Manager at Reach Subsea ASA on the time and date provided.