Reach Subsea ASA: Subsea vessel Deep Cygnus secured for 4+1 years

Reach Subsea ASA: Subsea vessel Deep Cygnus secured for 4+1 years

14 Jul 2022 14:48 CEST

Reach Subsea ASA: Subsea vessel Deep Cygnus secured for 4+1 years

Haugesund, 14 July, 2022: Reach Subsea, the trusted data and subsea service
provider for ocean-based industries, has entered into an agreement with Volstad
Maritime for use of the subsea vessel Deep Cygnus for 4 years, with an option to
extend for 1 year.

"We have entered a phase of strong market development for subsea services, and
with Deep Cygnus we are securing capacity for the coming years, during the
transition to more unmanned operations with our Reach Remote concept. Deep
Cygnus is a vessel that fits nicely into our focus markets. The vessel has a
solid track record within the renewables segment, which we intend to use as a
door opener for selling subsea services to the same clients. Volstad Maritime is
a new supplier to us, but we have been very pleased with what we have seen so
far on the vessel and within the organization," said Jostein Alendal, CEO of
Reach Subsea.

"We are very excited to start working with Reach Subsea on the Deep Cygnus next
year. The vessel has proven to be a great platform for both renewables and
subsea work and we are looking forward to investing further in the vessel to
continue delivering the highest quality service with a strong focus on
reliability, safety and low emissions," said Eirik Syversen, Commercial Director
of Volstad Maritime.

The commercial terms of the charter agreement are confidential between the
parties but are structured in a way that enables Reach to offer a high-quality
subsea service to our clients.

The vessel will be installed with launch and recovery systems (LARS) and ROVs
prior to delivery to Reach Subsea. Reduced carbon footprint is a high priority
for Reach Subsea, and battery installation on the vessel is scheduled during the
winter of 2023/2024.

The deal with Volstad Maritime is an important step in the long-term fleet
planning strategy, where our focus is to have a good mix of manned and unmanned
vessel that will serve our customers efficiently.

Reach will mobilise the vessel during February/March 2023 and use the vessel on
own projects within IMR (inspection maintenance and repair) and light
construction within the oil & gas and renewables sectors. This subsea spread is
well suited for our core focus markets and has a good fit with the tenders we
currently have outstanding.

For more information please contact:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
[email protected]

About Reach Subsea:
Reach Subsea ASA Group offers subsea services as a subcontractor and/or directly
to end clients, based out of our head office in Haugesund. The core business of
the Group is based on modern, high spec Work ROVs operated by highly-qualified
offshore personnel, and supported by onshore engineering resources. The Group's
objective is to be a preferred subsea partner and full-service provider of
subsea operations for clients, focusing on safety, environment, financial
solidity and profitability. www.reachsubsea.no

More information:
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Source

Reach Subsea ASA

Provider

Oslo Børs Newspoint