Reach Subsea ASA

09/02/2021 | Press release | Distributed by Public on 09/01/2021 23:51

Increasing renewable client base and building winter season backlog

Reach Subsea ASA: Increasing renewable client base and building winter season backlog Reach Subsea ASA ('Reach') has been awarded contracts with two new clients in the renewables sector, as well as a call-off under one of our frame agreements with an international client, representing about 70 project days for 2021 execution. The projects involves both IMR and construction support work in multiple regions, and will be performed by the Stril Explorer in co-operation with MMT, the Olympic Artemis, and a third party vessel. Approximately two thirds of the awarded days are in the renewables market. Taken together with other recent smaller contract awards, our schedule now indicate good utilization for the remainder of the year for all of our subsea spreads. Reach now has approximately 1,700 project days (equivalent to about 2,500 ROV days), of which approximately 1,400 project days (2,000 ROV days) are for 2021 execution, with the remainder for execution in 2022. These figures do not include options and expected call-off extensions under frame agreements, which from experience can constitute significant additional work. Jostein Alendal, CEO of Reach Subsea, comments: 'We are pleased to have secured contracts with new key clients in the renewables market and call-offs under existing contracts, and it shows that we are closer to achieving our key ambition in terms of increasing our footprint in the renewables market. Increasing our client base will be very important for bringing new technology to the market over the next few years.' For further information, please contact: Jostein Alendal, CEO Birgitte Wendelbo Johansen, CFO www.reachsubsea.no