Reach Subsea – Increasing Project Capacity through Charter Arrangements

Haugesund, 12 February 2024: Reach Subsea ASA offering high quality solutions and technology to clients in need of ocean data and services, continues to bolster its long-term capabilities to meet the increasing demand in the subsea services market.

Reach has expanded its capacity by securing charters for both the Northern Maria and Olympic Taurus.

For the Northern Maria, the charter arrangement includes 3 years firm period and 6+6 months options.

Northern Maria is a versatile survey vessel with a 20 tons crane and sufficient accommodation and deck capacity, suitable to meet Reach Subsea’s client’s requirements within both the renewable energy and oil and gas sectors. It is an important step to take an increased market share in the early-stage survey market for offshore wind projects, as well as being a capable vessel to perform subsea inspections campaigns.

For the Olympic Taurus, a project charter commenced in January 2024 for a duration of 100 days, with the potential for extension up to an additional 2+2 years.

The Olympic Taurus is a Multipurpose Offshore Vessel featuring diesel-electric propulsion, notable for its low fuel consumption and exceptional flexibility. Equipped with a helideck and an AHC crane, it offers versatility perfectly suited for deployment in the IMR/LCV segments.

Both charters are subject to final approval from lenders.

With a secured backlog for upcoming project periods and long-term charter options in place, we are enhancing our capacity to capitalize on the rapidly advancing global market. Reach Subsea is ideally situated with a comprehensive service portfolio spanning ocean services and data provision, catering to both the growing renewables sector and the established oil & gas market

Jostein Alendal, CEO Reach Subsea

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 Brazil and Australia. 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.