Reach Subsea Scoops Up New Contracts

Norwegian contractor Reach Subsea said it has recently been awarded subsea survey and inspection contracts for the 2019 summer season.

The contracts have a combined firm value of approximately NOK 70 million (approximately $8.1 million).

The Oslo-listed firm added that these contracts also contain optional periods, which, if called upon, would increase the firm contract value considerably.

To remind, in its last quarterly report (Q4 2018), Reach reported order book of NOK 120 million, most of which is related to work in 2019.

The company booked loss of NOK 6.3 million on revenues of NOK 191 million in that quarter.