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New Contracts Drive Reach Subsea’s Expansion in the North Sea and the Americas

Written by Paulo Nogueira

Published on 22/01/2024 at 05:59

Oil and Gas

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Reach Subsea Expands Portfolio With New Contracts and Extensions, Including Cancellations Within Current Framework Agreements in the North Sea and the Americas.

Reach Subsea has achieved excellent results by securing new contracts, extending existing contracts, and receiving cancellations in current framework agreements in the North Sea and the Americas region. This strategy contributed to the increase of the company’s order book.

Furthermore, Reach Subsea closed contracts worth over NOK 570 million (about US$ 55 million), mainly starting in the first quarter and involving all aspects of its fleet and services. This reinforces the company’s presence in markets, ensuring its participation in various large-scale projects.

‘We are pleased to report success in securing work across various markets and regions. The increasing demand for our subsea services across all sectors is evident in our recent contracts. It is a positive indication that our packed schedule for subsea projects extends into the first quarter, providing a strong start to the year’, said Jostein Alendal, CEO of Reach Subsea.

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In terms of other recent news from the company, in December 2023, Reach Subsea and its Brazilian partner OceanPact received a contract award notice from Equinor for light construction, inspection, maintenance, and repair (IMR) services and offshore research in Brazil.

A month earlier, the company signed a charter contract for three or five years with Agalas for a low-emission IMR/research vessel with an intelligent hoisting system and a package of equipment that can adapt to various market segments.

New Work Contracts and Framework Agreements

In terms of other recent news from the company, in December 2023, Reach Subsea and its Brazilian partner OceanPact received a contract award notice from Equinor for light construction, inspection, maintenance, and repair (IMR) services and offshore research in Brazil.

A month earlier, the company signed a charter contract for three or five years with Agalas for a low-emission IMR/research vessel with an intelligent hoisting system and a package of equipment that can adapt to various market segments.

Source: © OFF Shore Energy

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Paulo Nogueira
Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

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