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First unmanned ROV control vessels delayed, but foundations laid for expanded fleet
Two unmanned ROV-controlling vessels are being commissioned and tested, with the first due to enter service before the end of this year, as plans to scale up the fleet begin
Deployment of the first unmanned vessels for controlling subsea vehicles has been delayed, but once operational, they will lay the foundations for a scaled-up fleet
Reach Subsea was hoping to have its first remotely operated vessel in pilot operations by now, but they have been delayed due to teething issues.
These unmanned surface vessels (USVs) will deploy and control remotely operated vehicles (ROVs) for subsea surveys, inspections and light interventions. They have been constructed, outfitted and tested, with the first soon to begin its long-term pilot project with energy companies.
In an update to the financial market, Oslo, Norway-listed Reach Subsea said its Reach Remote 1 and Reach Remote 2 USVs would soon join the operational fleet, with final testing of Reach Remote 1 nearing completion.
Reach Remote 1 is progressing with sea trials underway, and energy companies are lining up to be part of this technology innovation.
When ready, the first USV is set to enter a technology qualification programme with Equinor, TotalEnergies and other major energy companies. Reach Remote 2 should not be too far behind.
“Although Reach Remote 1 and Reach Remote 2 are slightly behind schedule, we are confident these USVs will soon be firmly established in key markets," said Reach Subsea chief executive Jostein Alendal. "This is just the beginning, as we lay the foundation for a larger scale-up."
Reach Subsea reported "strong client interest in participating in these innovative solutions, with additional momentum from a US$15.2M grant to support the Reach Remote scale-up.
This scale-up is likely to commence in 2025 and last several years, enabling the Norwegian company to build a fleet of larger and more versatile USVs using positioning, navigational and automation technology from companies such as Kongsberg Maritime.
In the market update, Reach Subsea said its order backlog stands strong at Nkr1.5Bn (US$136.0M), which is nearly a threefold increase compared with the end of Q3 2023. The tender volume stands at Nkr8.5Bn.
“We are facing exciting times ahead of us and with this momentum, we believe we are well-positioned to meet the growing demand in our industry” said Mr Alendal.
Reach Subsea’s revenues during Q3 2024 were Nkr835M and earnings before interest and tax were Nkr134M. Year to date, Reach Subsea has reached a revenue milestone just above Nkr2Bn.
“We are driving Reach Subsea’s growth with a strong focus on profitability and high-quality services in which we are continuously expanding. Our Q3 2024 results demonstrate steady, continued progress,” said Mr Alendal.
The company saw a strong Q3 2024 in terms of activity levels and operating results driven by growth, strong market conditions and successful project execution.
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