Reach Subsea secures contract with major renewables energy company

HAUGESUND — Reach Subsea ASA has been awarded a six-month-plus options contract from a major renewable energy company for delivery of offshore wind related services. To be able to serve this contract, Reach increases vessel capacity through a charter contract and a corresponding option arrangement with Olympic Subsea for the multifunctional subsea support and construction vessel Olympic Triton.

“The Olympic Triton is a modern and versatile vessel, which will be an important add-on to our fleet. The structure of the contract implies limited risk and a good upside for Reach and our partners,” said Jostein Alendal, CEO of Reach Subsea.

Olympic Triton is a versatile multipurpose supply vessel (MPSV) with a 150-tons crane and a large accommodation and deck capacity. The charter has a duration of six months plus options, matching the duration of the contract with our renewable energy client.

Further, Reach has an option to extend for another three plus two years within a four-week period from signing.

Olympic Triton will be delivered to Reach Subsea in first-quarter 2023 in conjunction with startup of the renewable energy contract. The added capacity comes with a limited risk and significant upside for Reach Subsea, and it includes an element of profit sharing.

“As it looks right now, we will this season provide services to our client from at least seven subsea spreads. All in all, we are well positioned in a market which will be driven not only by high activity in the oil and gas sector, but also increasingly renewable energy—not the least offshore wind,” Alendal said.

02.07.2023