Reach Subsea acquires geophysical monitoring solutions provider OCTIO

Reach Subsea chief executive Jostein Alendal said, “Acquisition of OCTIO will deepen Reach Subsea’s technology competence and expand our value chain, accelerating the company’s strategy to become a full-service provider of subsea data and solutions for clients globally.”

The deal is also expected to enhance Reach Subsea’s capability in the competence required for gathering and processing seabed data for offshore windfarms.

Mr Alendal said, “We have worked with OCTIO for several years and are well-acquainted with their cost-efficient and highly-accurate survey and monitoring technology, and how it enhances data value for clients and optimises solutions for monitoring CO₂ reservoirs.

“In addition, OCTIO’s patented technology and competence will strengthen the data gathering, processing and analytics capabilities for Reach Remote, our unmanned surface vessel solution that we will introduce in 2023.” OCTIO’s monitoring technologies are typically deployed and recovered using remotely operated vehicles.

Reach Subsea said the transaction is expected to have a number of benefits. It will strengthen Reach Subsea’s survey and inspection data capability with patented technology and expand Reach Subsea’s services portfolio into the carbon capture and storage (CCS) segment through a portfolio of cost-effective monitoring tools, including 4D gravity, microseismic, and seafloor deformation monitoring.