Oslo-listed Reach Subsea has won its first contract in Brazil as part of what it called a “significant” series of awards.
The Haugesund-based owner said a number of deals amount to revenue of more than NOK 200m ($20m).
Reach Subsea said it has entered into a strategic partnership with an unnamed Brazilian offshore company for the work.
“The contract in Brazil is very important for us, not only because of its large size, but also since expansion in Brazil has been high up on our agenda for a long time, and now we are taking the first step,” chief executive Jostein Alendal said.
He added that the market is large, and Reach Subsea can capitalise following the acquisitions this year of seabed survey company iSurvey and Equinor’s survey operation Octio, as well as the launch of its first autonomous unmanned offshore vessels in 2023.
“Together with our new Brazilian strategic partner, we have now opened up a market with significant growth potential for us,” Alendal said.
The assignment in Brazil is for the main season of 2023 and involves one offshore vessel with two work-class remote-operated vehicles (WROVs).
“This week’s contract signings are another set of confirmations of Reach’s good position in an accelerating market for subsea services,” Alendal said. “We have strong technology, a good reputation, and with our broadened service offering, we can leverage the strong market in a tremendous way.”
Unmanned ships ordered
In April, the company ordered two unmanned survey ships to be built by Kongsberg Maritime.
The Reach remote ships, which will act as mobile power banks, data centres and communication modules for underwater, remote-operated vessels, are expected to be delivered next summer.
Reach Subsea has been boosted this year by an investment from Wilhelmsen New Energy that saw the shipping giant take a 21% stake in the company.
The move was made to help commercialise the Reach remote concept.
