Reach Subsea ASA
Reach Subsea ASA
08/04/2022 | Press release | Distributed by Public on 08/04/2022 02:42
Reach Subsea: OCTIO awarded a multi-year 4D geophysical monitoring frame contract offshore Australia
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Reach Subsea: OCTIO awarded a multi-year 4D geophysical monitoring frame contract offshore Australia
Reach Subsea: OCTIO awarded a multi-year 4D geophysical monitoring frame contract offshore Australia
Haugesund, 04 August 2022: OCTIO, a subsidiary of Reach Subsea ASA ("Reach"), has secured a multi-year geophysical monitoring frame contract with an operator offshore Australia.
OCTIO will deploy the proprietary gWatch service to deliver gravimetry and seabed subsidence measurements.
"This is an international breakthrough for OCTIO and we welcome this opportunity to work with a new client. We look forward to deploying our cost-efficient gWatch service and supporting the client to maximize gas production sustainably. The Australian monitoring contract is another strong credential for the attractivity of the OCTIO offering, and we are experiencing significant interest also from other operators worldwide" said Leon Løvheim, CEO of OCTIO.
OCTIO will provide technical support for the survey and monitoring planning for the gas fields over the next 18 to 24 months and will conduct the baseline survey in late 2024. The frame contract is valid until 2025, with two three-year extensions up to 2031.
"Reach Subsea acquired OCTIO in December 2021, and together with the acquisition of iSURVEY in early 2022, it provides Reach Subsea with a complete offering for offshore monitoring and surveying. With OCTIO's and iSURVEY's competent teams and unique technologies, we can serve offshore customers with cost efficient and accurate seabed monitoring data with short lead times," said Jostein Alendal CEO of Reach Subsea, and continued:
"The market is strong, and it is great to offer complete and attractive solutions through the whole value chain of offshore services for our customers within the renewable energy sector as well as traditional oil and gas. Next year we will strengthen our offering further with the launch of the extremely cost and climate friendly unmanned Reach Remote offshore vessel system. The OCTIO technology is perfectly suited for efficient deployment with Reach Remote."
OCTIO in short:
• Subsidiary of Reach Subsea ASA, after the acquisition from Equinor Venture in December 2021
• Provides flexible and smart geophysical monitoring solutions for hydrocarbon producing fields offshore. Our monitoring methods are tailored to optimally fit every specific project, are cost-effective and don't require large upfront investments.
• OCTIO's services are complete, covering all the phases required to convert geophysical data into value for our clients. OCTIO performs the geophysical studies that lead to overall monitoring strategies; plans and executes operations and provides support to integrate data in interpretation workflows
• OCTIO's main technology propositions are:
o Real-time seismic monitoring, with the unique capability to deploy seismic cables on the seabed and
process and interpret their data in real-time
o Gravitude, survey-based 4D gravity and seafloor subsidence monitoring, the most widely spread technology for mapping drainage and fluid substitution in hydrocarbon reservoirs is 4D seismic, which involves high costs and environmental impact. Gravitude's technology is an alternative to seismic at 10% of the cost and with no impact on marine life.
For further information, please contact:
Jostein Alendal, CEO of Reach Subsea ASA, [email protected]
Birgitte Wendelbo Johansen, CFO of Reach Subsea ASA, [email protected]
About Reach Subsea:
The Reach Subsea ASA Group's business concept is to offer 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 and high speed Survey 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, among others, by focusing on safety, environment, financial solidity and profitability.
www.reachsubsea.no
Haugesund, 04 August 2022: OCTIO, a subsidiary of Reach Subsea ASA ("Reach"), has secured a multi-year geophysical monitoring frame contract with an operator offshore Australia.
OCTIO will deploy the proprietary gWatch service to deliver gravimetry and seabed subsidence measurements.
"This is an international breakthrough for OCTIO and we welcome this opportunity to work with a new client. We look forward to deploying our cost-efficient gWatch service and supporting the client to maximize gas production sustainably. The Australian monitoring contract is another strong credential for the attractivity of the OCTIO offering, and we are experiencing significant interest also from other operators worldwide" said Leon Løvheim, CEO of OCTIO.
OCTIO will provide technical support for the survey and monitoring planning for the gas fields over the next 18 to 24 months and will conduct the baseline survey in late 2024. The frame contract is valid until 2025, with two three-year extensions up to 2031.
"Reach Subsea acquired OCTIO in December 2021, and together with the acquisition of iSURVEY in early 2022, it provides Reach Subsea with a complete offering for offshore monitoring and surveying. With OCTIO's and iSURVEY's competent teams and unique technologies, we can serve offshore customers with cost efficient and accurate seabed monitoring data with short lead times," said Jostein Alendal CEO of Reach Subsea, and continued:
"The market is strong, and it is great to offer complete and attractive solutions through the whole value chain of offshore services for our customers within the renewable energy sector as well as traditional oil and gas. Next year we will strengthen our offering further with the launch of the extremely cost and climate friendly unmanned Reach Remote offshore vessel system. The OCTIO technology is perfectly suited for efficient deployment with Reach Remote."
OCTIO in short:
• Subsidiary of Reach Subsea ASA, after the acquisition from Equinor Venture in December 2021
• Provides flexible and smart geophysical monitoring solutions for hydrocarbon producing fields offshore. Our monitoring methods are tailored to optimally fit every specific project, are cost-effective and don't require large upfront investments.
• OCTIO's services are complete, covering all the phases required to convert geophysical data into value for our clients. OCTIO performs the geophysical studies that lead to overall monitoring strategies; plans and executes operations and provides support to integrate data in interpretation workflows
• OCTIO's main technology propositions are:
o Real-time seismic monitoring, with the unique capability to deploy seismic cables on the seabed and
process and interpret their data in real-time
o Gravitude, survey-based 4D gravity and seafloor subsidence monitoring, the most widely spread technology for mapping drainage and fluid substitution in hydrocarbon reservoirs is 4D seismic, which involves high costs and environmental impact. Gravitude's technology is an alternative to seismic at 10% of the cost and with no impact on marine life.
For further information, please contact:
Jostein Alendal, CEO of Reach Subsea ASA, [email protected]
Birgitte Wendelbo Johansen, CFO of Reach Subsea ASA, [email protected]
About Reach Subsea:
The Reach Subsea ASA Group's business concept is to offer 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 and high speed Survey 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, among others, by focusing on safety, environment, financial solidity and profitability.
www.reachsubsea.no