Haugesund, 22 November 2022: Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, has today signed a conditional LOA for a significant project in West Africa (WAF), through which Reach Subsea will be a sub-contractor to a major tier-one contractor.

The assignment encompass support for installation and anchoring of an offshore unit, which implies a valuable broadening of Reach Subsea’s spectrum of services. Included in the scope are significant survey and positioning tasks to be undertaken by Reach Subsea subsidiary iSurvey. The project will be initiated towards late Q1 2023, and is expected to last well into Q2 2023.

With this cLOA, and including several other recent contract awards and extensions, Reach has won contracts with an expected value of approximately NOK 300 million in the period since the Q3 2022 report.

“We experience a solid market for subsea services. This significant contract improves our order backlog considerably and is evidence of the strong value proposition of our complete and integrated offering - including survey and positioning services delivered by our new colleagues in iSurvey. It confirms our ability to successfully compete for a broad range of complex assignments across the globe,” said CEO of Reach Subsea Jostein Alendal.

Reach Subsea will charter a hybrid powered AHC/offshore construction vessel, mobilized with a work class ROV for the project. The project has been awarded based on a strategic cooperation with key stakeholders for delivering high quality engineering and vessel solutions to the floater installation market.

KeyFacts Energy Industry Directory: Reach Subsea   l   KeyFacts Energy news: Contract Awards