Reach Subsea gets US GoM work amid improving market visibility

Reach Subsea has secured an ocean bottom node (OBN) contract in the US Gulf of Mexico, stating that together with other recent smaller contract awards, it provides another indication of improving visibility and fundamentals in the market.

The OBN campaign will be performed by the Olympic Artemis spread, scheduled for the end of 2021 and 2022 execution. The new contract represents about 230 project days.

According to the company, Reach now has approximately 1,150 project days for 2022 and 2023 execution, excluding options and expected call-off extensions under frame agreements.

Last week, Reach entered into an agreement with Equinor Ventures to acquire OCTIO, a provider of geophysical monitoring solutions for hydrocarbon producing fields and CO2 storage reservoirs.

The acquisition is expected to add a strategic pillar to advance Reach Subsea’s strategy for technology and data processing, as well as key competence required for gathering and processing of seabed survey data for offshore wind farms.

“We are pleased to have secured contracts in the Americas region, and to again be selected as the preferred supplier. The award within the OBN segment fits very well with our recent acquisition of Octio and is a market that we aim to leverage further in the years to come”, said Jostein Alendal, CEO of Reach Subsea.