Reach Subsea, Eidesvik Offshore, and Agalas Sign Contract for New IMR/Survey Vessel

21 February 2025

(Image credit: Reach Subsea)

Reach Subsea, in partnership with Eidesvik Offshore and Agalas, has signed a contract for a new, modern IMR/Survey vessel. The vessel will be jointly owned, with Reach Subsea holding a one-third stake and an entity owned by Eidesvik and Agalas, controlled by Eidesvik, holding the remaining two-thirds. The vessel is scheduled for delivery in spring 2027. Reach Subsea’s equity investment will be financed through existing cash reserves and operational cash flow. Additionally, Reach Subsea has signed a five-year charter for the vessel, with options for two one-year extensions, starting upon delivery. Eidesvik will manage the vessel.

Jostein Alendal, CEO of Reach Subsea, stated: “Vessel capacity for long-term growth is crucial for us. While long-term charter agreements remain our primary business model, we recognize the significant value in establishing co-ownership of key assets to support our long-term strategy.”

In November 2023, Reach Subsea announced a long-term charter contract for a similar IMR/Survey vessel owned by Eidesvik and Agalas with planned delivery in early 2026.

“These innovative low-emission vessels are well suited for solving complex tasks across different segments in the ocean space. The vessel’s 150-ton AHC knuckle boom crane and expansive 900-square-meter deck area perfectly accommodate Survey, IMR, and construction operations,” added Jostein Alendal, CEO of Reach Subsea.

“Adding another newbuild is providing fleet renewal and adding scale with a low emission, versatile vessel. We are pleased to continue our strong collaboration with existing partners further. This is in line with our strategy and builds shareholder value,” said Helga Cotgrove, CEO of Eidesvik.

“Developing another newbuild with a time charter contract in the subsea segment is an important milestone for Agalas. Doing this together with our strong partners, Eidesvik and Reach Subsea, is especially rewarding, ensuring a market-leading vessel and top-quality operations,” said Mats Nygaard Johnsen, CEO of Agalas.

From left: Helga Cotgrove, CEO of Eidesvik Offshore; Birgitte W. Johansen, Chief Financial Officer of Reach Subsea; Mats Nygaard Johnsen, CEO of Agalas; and Jostein Alendal, CEO of Reach Subsea. (Image credit: Reach Subsea)

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. The use of the MGO/battery system is projected to achieve a reduction of around 20 percent.

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, Eidesvik, Agalas, and NSK Ship Design (as designer). It will be equipped with innovative ROV launch and recovery systems (LARS) and prepared for deep-water operations.

Vessel Parameters:

Dimensions 99,9 x 21 m
Class DNV
Crane 150t AHC knuckle boom
Deck area ~900 m2
Accommodation 100 persons
Other DP2, SPS, 2 x WROV hangars, Hybrid dual fuel propulsion with battery package