Eidesvik Offshore og Reach Subsea (Joint Venture) kjøper "Edda Sun", blir "Viking Reach"



Reach Subsea secures cost attractive long-term vessel capacity through acquisition of Edda Sun​

Haugesund, 24 November 2022: Reach Subsea ASA the trusted data and subsea service provider for ocean-based industries, has secured significant vessel capacity for the coming four years through an agreement to acquire the multipurpose ROV support vessel Edda Sun for USD 29 million and a charter contract for the multipurpose ROV support vessel Go Electra with a duration, including options, through 2027.
Fra Eidesvik på Facebook:

Exciting days for the company ! Today we announce that Eidesvik Offshore has formed a joint venture with Reach Subsea . The new entity will acquire and operate subsea vessel Edda Sun, with Eidesvik as majority stakeholder. Under its new name, Viking Reach, the vessel will commence on a 6-year contract with Reach Subsea in the start of Q2, 2023.

The announcement of the joint venture is made following yesterday’s announcement of Eidesvik’s agreement with our financial institutions on terms for refinancing the company’s debt until February 2026.

“Our new financial terms will offer us a solid foundation for growing our business. The acquisition of Edda Sun is part of the company’s growth strategy and we are pleased to expand our fleet with this highly versatile vessel. We look forward to cooperating with Reach Subsea in this exciting new venture”, said Eidesvik Offshore CEO Gitte Gard Talmo.

Read more: https://bit.ly/3Ky1TSC

ex. "Edda Sun", "Viking Reach"

Foto: via rederiet
«Haugesund, 13th March 2023: Reach Subsea ASA has been awarded a three-year frame agreement with Equinor for work on the Norwegian continental shelf and internationally to 2026. The agreement covers the full spectrum of Reach Subsea services.

“We are looking forward to continuing our longstanding and fruitful relationship with Equinor, and we are grateful for the trust Equinor puts in Reach Subsea and our team. The frame agreement will be an excellent driver for growth and utilization of Reach Subsea’s modern and expanded fleet of conventional vessels as well as the unmanned Reach Remote fleet with the two first vessels expected to be launched in 2023. I would also highlight that we now will support a customer across the full spectrum of services, including survey and data processing services that we obtained through the acquisitions of iSurvey and Octio,” said CEO of Reach Subsea Jostein Alendal.

The frame agreement covers all core activities for Reach Subsea, including installation support, seabed intervention and all forms of subsea surveys and monitoring.

Reach Subsea also announces the award of the first call-off under the frame agreement with Equinor for a gravimetry survey campaign at four Equinor operated gas fields in the North Sea, the Norwegian Sea, and the Barents Sea. The work will include utilization of the high-end technology from Reach Subsea’s monitoring group, formerly known as Octio. The activities will be performed from the newly acquired ROV survey/light construction vessel Viking Reach The work will have a duration of approximately two months and will start in the second quarter of 2023. The call-off includes options for additional work within the capacity of the frame agreement and the vessel will be mobilized with one SROV Survey ROV plus one work class ROV and hull mounted survey equipment for this purpose.

“This first call-off under the new Equinor agreement is great evidence of the attractiveness of our expanded product offering, and an excellent start for our new vessel Viking Reach. Now we are looking forward to utilizing our technology for gravimetry based surveys which provides high quality data while using compact equipment that can be handled by smaller and more cost-efficient vessels. In the future this technology is a perfect fit with Reach Remote,” said Jostein Alendal.»
Pressemelding fra Reach subsea.

EIOF - Eidesvik Offshore and Reach Subsea complete the acquisition of Viking Reach​

The Joint Venture between Eidesvik Offshore ASA (“Eidesvik”) and Reach Subsea

ASA (“Reach”) has today completed the acquisition of Subsea IMR vessel Viking
Reach. The purchase price for the vessel was USD 29 million.

Going forward the vessel will be managed and operated by Eidesvik. As announced
in the stock exchange release of February 23, 2023, the vessel will commence on
a 6-year time charter contract with Reach at the start of Q2 2023.

Gitte Gard Talmo, CEO & President of Eidesvik, comments:

“We are very pleased to welcome Viking Reach to our fleet and look forward to a
good collaboration with Reach”.