Contract Awards
Thursday 6 August 2020
In the 1Q 2020 report Reach Subsea ASA notified that it had secured 750 project days (representing 1,250 ROV days) for the remainder of 2020. Reach Subsea has since then, together with cooperation partner MMT Sweden AB, been awarded additional contracts and call-offs under frame agreements for 2020 execution, representing about 250 project days (400 ROV days). The projects involve both inspection, survey and construction support work in both the oil & gas and renewables sectors.
With the addition of these contracts, our schedule indicates high utilization through 3Q 2020. Reach Subsea now has approximately 1,000 project days (equivalent to about 1,650 ROV days) for 2Q-4Q 2020 execution, and about 300 project days (450 ROV days) for 2021 execution.
Jostein Alendal, CEO of Reach Subsea, comments: "We are pleased to have secured contracts in a challenging time and we see that our good performance continues to benefit us in securing more work from our clients. With 3Q well covered our focus is now to build further on our schedule for 4Q and beyond, for which we have several leads, and execute the projects we already have to the high standard our clients have come to expect".