Reach Subsea lines up contract with European energy major

Norwegian offshore services player Reach Subsea has been successful in its bid to carry out work for an undisclosed European energy major.

A contract, subject to successful negotiation, will see the Oslo-listed company secure approximately 75 vessel days, scheduled for execution in the fourth quarter of 2023.

The project is expected to utilise one of the Haugesund-based company’s DP2 subsea vessels and the onboard remotely operated vehicle (ROV) Surveyor Interceptor.

Commenting on the contract award notice, Jostein Alendal, chief executive of Reach Subsea, said: We entered the summer season with a record high order backlog and higher capacity than ever, and during the summer we have been extremely busy with project activity. In parallel we are experiencing very high tender activity, which confirms our highly positive market outlook driven both by oil and gas investments as well as the roll-out of offshore renewable energy projects.”

The news comes ahead of the company’s Q2 earnings report set for August 23.

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