Reach Subsea Secures Subsea Vessel Olympic Challenger
Monday 5 March 2018
Reach Subsea has entered into an agreement with Olympic Subsea for use of the subsea vessel Olympic Challenger for 2 years, with an option to extend for 1 year. The commercial terms of the charter agreement are confidential between the parties, but is structured in a way that enables Reach to offer a competitive subsea service to their clients.
The vessel already has two ROVs mobilised onboard, which Reach will lease initially. Thus, investments associated with this expansionary move are limited at the outset.
Reach will mobilise the vessel during April 2018 and use the vessel on own projects within IMR and light construction within the oil & gas and renewables sectors. This subsea spread is well suited for Reach Subsea's core focus markets, and has a good fit with the tenders they currently have outstanding.
With this latest addition to their fleet, Reach currently markets 7 subsea spreads alone and together with their partner MMT, contributing to their strategy of carefully expanding their platform into a market recovery.