Reach Subsea ASA - Subsea vessel Olympic Triton chartered for 3 years plus 2
years options
Haugesund, 30 May 2023: Reach Subsea continues to build long-term capacity to
serve the growing market for subsea services. Following a six-month charter of
the multifunctional subsea support and construction vessel Olympic Triton,
announced 6 February 2023, Reach Subsea has exercised the option to charter the
vessel for 3 years plus 2 yearly options, including the six months charter
announced in February.
"The strong market growth for subsea services is expected to continue for many
years, with thousands of new offshore wind turbines to be installed and
serviced, and increasing activity in the traditional oil and gas sector. With an
end-to-end service offering for ocean data and services, Reach Subsea is
perfectly positioned, and by chartering Olympic Triton for the coming three
years on attractive financial terms we are further strengthening our ability to
leverage the accelerating market," said Jostein Alendal, CEO of Reach Subsea.
Olympic Triton is a versatile and modern multifunctional subsea vessel with a
150 tons crane and a large accommodation and deck capacity, suitable to meet
Reach Subsea's clients' requirements within both the renewable energy and oil
and gas sectors. Reach Subsea has already utilized the vessel successfully for a
project initiated in the first quarter 2023, for a renewable energy company in
North West Europe.
"We are impressed with the performance of the vessel and the marine management
from Olympic, and we are very happy to further build on our long-standing
fruitful cooperation. The structure of the contract implies limited risk and a
good upside for both Reach Subsea and Olympic and includes a portion of profit
sharing between the two parties," said Jostein Alendal.
For more information please contact:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.no
About Reach Subsea:
Reach Subsea ASA Group offers high quality solutions and technology to clients
in need of ocean data and services. Services are offered out of our head office
in Haugesund as well as from our subsidiaries and branches located across
Norway, US, UK, Cyprus, Singapore, Trinidad and Brazil. The Group's objective is
to be a preferred partner and full-service provider of ocean services for
clients, focusing on safety, environment, financial solidity and profitability.
Our vision "Sustainable access to ocean space" underpins our commitment to the
development of sustainable solutions, with stakeholder groups key interests in
focus.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Birgitte Wendelbo
Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date
provided.