Reach Subsea – notice of contract award with Equinor for services in Brazil and expansion of order backlog

Haugesund, 12 December 2023: Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, has together with its Brazilian partner OceanPact received a notice of contract award from Equinor for combined light construction, IMR (inspection, maintenance, and repair) and survey services on the Peregrino field offshore Brazil.

From left: Jeremiah Gilbreth MD US Reach Subsea, Jostein Alendal, CEO Reach Subsea and Cleiver Moulin, MD Brazil, Reach Subsea

The specific project has a duration of approximately 45 vessel days and is assigned as part of a contract that is valid for one year, implying additional scope of work being added. It will be performed by the subsea vessel Havila Subsea following the ongoing project in Brazil, with start in December this year. The project has high technical complexity and combines services provided by different divisions of Reach Subsea.

This an important contract for Reach Subsea, documenting both the excellent relationship with Equinor as a client and the breadth and high quality of Reach Subsea’s offering. We are proud to once again have been given the trust from a tier-one energy company to deliver high-end services

Jostein Alendal, CEO Reach Subsea
Cleiver Moulin, MD Brazil, Reach Subsea

Expansion in the growing Brazilian market is of high importance and implies a significant potential for Reach Subsea. The Equinor contract is a piece of firm evidence of our commitment and success

Cleiver Moulin, MD Brazil, Reach Subsea AS

With this contract award, along with several other recent contract wins in Europe and US, Reach Subsea has secured contracts with an estimated total value of above NOK 265 million. The majority of these contracts are starting in Q4 2023 and Q1 2024.

Jostein Alendal, CEO Reach Subsea

We are witnessing a consistent and robust demand for our services within the ocean sector. These contracts bolster our existing order backlog and serve as a confirmation to the compelling value proposition of our comprehensive and integrated offerings. They also underscore our ability to effectively compete for a diverse range of assignments on a global scale

Jostein Alendal, CEO Reach Subsea ASA

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.