Norwegian Reach Subsea Signs New Service Contract for the Deep Cygnus Subsea Platform in the Offshore Wind Energy Market

The Charter Agreement for the Deep Cygnus Platform Will Last Five Months. Reach Subsea Is Now Expanding Its Business Portfolio in the Offshore Wind Energy Sector.

Last Tuesday, (05/02), the marine support company Reach Subsea announced a new contract with a major company in the energy sector. The agreement provides for the chartering of the Deep Cygnus platform for the next five months, starting in May 2023, for an offshore wind energy project. This segment is the new bet of marine companies in the coming years, and Reach is investing in its business portfolio in the field.

New Contract from Reach Subsea for the Chartering of the Submarine Platform Deep Cygnus Starts in May 2023, Lasting Five Months

This Tuesday, Reach Subsea, a subsea services company, announced that it has secured a five-month contract with a major unidentified renewable energy company to provide services related to offshore wind energy.

The project will start in early May 2023 and will utilize the subsea vessel Deep Cygnus. With this contract, the Deep Cygnus will have significant coverage for the 2023 season.

According to the company’s announcement, the client will also have the option to extend the contract.

According to Jostein Alendal, CEO of Reach Subsea, “the offshore wind market will be a major driver for Reach Subsea in the coming years, and the growth has only just begun. We are proud once again to have gained the trust of a top-tier renewable energy company to provide cutting-edge services. The Deep Cygnus has performed well in the renewables segment for many years, and we are happy to continue being part of the Reach Subsea fleet.”

The company signed a long-term charter agreement for the Deep Cygnus last summer for four years, with an option to extend for one year.

This agreement is part of Reach Subsea’s strategy to secure significant capacity of high-quality vessels for the coming years.

The company is currently preparing for the increasing demand for its services in the renewable energy and oil and gas segments, including the offshore wind energy market.

Deep Cygnus Platform Is the Company’s Major Bet for the Offshore Wind Energy Market

During the coming winter of 2023/2024, the Deep Cygnus will undergo periodic maintenance and battery installation.

According to Reach Subsea, these activities will result in a significant reduction in fuel consumption and state-of-the-art subsea equipment, preparing the platform for the 2024 season.

Jostein Alendal also emphasized that the installation of batteries for electric propulsion on the Deep Cygnus will be another step in the right direction regarding the company’s emission reduction goals.

Thus, the contract signed by Reach Subsea with the major renewable energy company is an important milestone for the Norwegian company, which is seeking to consolidate its position in the subsea services market.

With solid experience in the renewables segment, the company has distinguished itself for its expertise in providing services related to offshore wind energy.

Additionally, the signing of the contract reinforces Reach Subsea’s strategy to expand its capacity of high-quality vessels for the coming years, aiming to meet the growing demand for its services.

With the long-term charter of the Deep Cygnus, the company is preparing to establish itself as one of the leading companies in offshore support services.

The offshore wind energy market is the major bet of the entire global energy segment, and Reach Subsea is preparing the Deep Cygnus platform for an even greater demand in the future.