Subsea vessel Olympic Triton chartered for 3 years plus 2 years options

Haugesund, 30 May 2023: Reach Subsea continues to build long-term capacity to serve the growing market for subsea services. Following a six-month charter of the multifunctional subsea support and construction vessel Olympic Triton, announced 6 February 2023, Reach Subsea has exercised the option to charter the vessel for 3 years plus 2 yearly options, including the six months charter announced in February.

The strong market growth for subsea services is expected to continue for many years, with thousands of new offshore wind turbines to be installed and serviced, and increasing activity in the traditional oil and gas sector. With an end-to-end service offering for ocean data and services, Reach Subsea is perfectly positioned, and by chartering Olympic Triton for the coming three years on attractive financial terms we are further strengthening our ability to leverage the accelerating market

Jostein Alendal, CEO of Reach Subsea

Olympic Triton is a versatile and modern multifunctional subsea vessel with a 150 tons crane and a large accommodation and deck capacity, suitable to meet Reach Subsea’s clients’ requirements within both the renewable energy and oil and gas sectors. Reach Subsea has already utilized the vessel successfully for a project initiated in the first quarter 2023, for a renewable energy company in North West Europe.

We are impressed with the performance of the vessel and the marine management from Olympic, and we are very happy to further build on our long-standing fruitful cooperation. The structure of the contract implies limited risk and a good upside for both Reach Subsea and Olympic and includes a portion of profit sharing between the two parties,

Jostein Alendal

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 Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.