Commercial terms under the agreement are confidential between the parties. However, the frame agreement is call-off based, which means that Statoil can award contracts for IMR services in the North Sea on an as needed basis. Jostein Alendal says: “We are proud to be awarded the IMR Frame Agreement with Statoil, which is of significant strategic importance and improves visibility for our service offerings for the next 5 years. This award is a testament to the track record we have built over the past few years, combining a relentless focus on the highest quality in our operations, and strict cost discipline. Honours to Reach’s greatest asset – our people – for contributing to building a track record that formed the basis for this milestone in our history.”
