Reach Subsea Extends Subsea Vessel Charter and Orders Two New ROVs

Reach Subsea ASA (Reach Subsea) announced a 100-day project charter for the subsea vessel Olympic Taurus, with extension options for 2+1+1 years. Reach Subsea has now extended the charter for an additional 2 years and retain options for another 1+1 years.

“With a solid backlog and substantial tender pipeline for the coming periods, we are enhancing our capacity to capitalize on the rapidly advancing global subsea market. Reach Subsea is ideally positioned with a comprehensive service portfolio spanning ocean services and data delivery, catering to both the growing renewables sector and the established oil & gas market,” said Jostein Alendal, CEO of Reach Subsea.

Furthermore, Reach Subsea has ordered two new Constructor-type remotely operated vehicles (ROVs) from Kystdesign AS with delivery in May 2024 and will be financed through their equipment leasing frame agreement. The Constructor is a heavy-duty ROV designed for carrying and operating large tools and modules and has a depth rating of 3,000 m. Following delivery, the ROVs will be mobilized onto the Reach Subsea fleet and will expand their subsea service capacity into the 2024 season.

“The addition of the two new Constructor ROVs not only enhances our fleet’s flexibility but also bolsters our capability to efficiently execute a diverse range of underwater tasks. These cutting-edge ROVs seamlessly integrate into our existing portfolio of assets, further solidifying our position to effectively address the demands of our clients. Their advanced technology and robust design align perfectly with our commitment to deliver high-quality services and meeting the evolving needs of our clients across various industries,” added Jostein.