Reach Subsea adds to vessel capacity through ownership and charter agreement

The new vessel will be jointly owned, with Reach Subsea holding a one-third stake and an entity owned by Eidesvik and Agalas, controlled by Eidesvik, holding the remaining two-thirds. The vessel is due for delivery Q2 2027.

Reach Subsea has signed a five-year charter for the vessel, with options for two one-year extensions, starting on delivery. Eidesvik will manage the vessel, which will be able to work in the offshore oil and gas and, potentially, in the offshore renewables market.

In November 2023, Reach Subsea announced a long-term charter contract for a similar IMR/survey vessel owned by Eidesvik and Agalas with planned delivery early 2026. The innovative low-emissions vessels will be able to undertake a range of operations. Their 150-tonne AHC knuckleboom crane and 900 m2 deck make them suitable for survey, IMR and construction operations.

The vessel, equipped with dual fuel gensets, will be able to run on methanol or a combined MGO/battery system. When powered by methanol, the vessel’s CO2 emissions are anticipated to be approximately 70% lower than those in Reach Subsea’s existing fleet. When using the MGO/battery system it is projected to achieve a reduction of around 20%.

The new vessel will be constructed at Sefine Shipyard in Turkey and is designed by NSK Ship Design. It will be equipped with innovative launch and recovery systems for remotely operated vehicles (ROVs) suited to deepwater operations. The vessel will be 100 m long, have accommodation for 100 people, DP2 dynamic positioning, and two hangars for work-class ROVs.

Reach Subsea chief executive Jostein Alendal said, “Vessel capacity for long-term growth is crucial for us. While long-term charter agreements remain our primary business model, we recognise the significant value in establishing co-ownership of key assets to support our long-term strategy.”

Eidesvik chief executive Helga Cotgrove said, “Adding another newbuild will help renew our fleet with a low-emissions, versatile vessel. We are pleased to further continue our strong collaboration with existing partners.”

Agalas chief executive Mats Nygaard Johnsen said developing another newbuild with a time charter contract is an important milestone for Agalas. “Doing this together with strong partners like Eidesvik and Reach Subsea is especially rewarding,” he said.