Norwegian subsea services company Reach Subsea said Monday it had secured a contract in the U.S. Gulf of Mexico for end of 2021 and 2022 execution, representing about 230 project days.
The project, with an unnamed client, involves the support of an Ocean Bottom Node campaign and will be performed by the Olympic Artemis vessel spread.
"Taken together with other recent smaller contract awards, this award provides another indication of improving visibility and fundamentals in our market," Reach Subsea said.
The company now has about 1,150 project days for 2022 and 2023 execution. These figures do not include options and expected call-off extensions under frame agreements, which from experience can constitute significant additional work, the company added.
“We are pleased to have secured contracts in the Americas region, and to again be selected as the preferred supplier. The award within the OBN segment fits very well with our recent acquisition of Octio and is a market that we aim to leverage further in the years to come,” said Jostein Alendal, CEO of Reach Subsea.
As reported last week, Reach Subsea agreed to buy OCTIO AS, a provider of monitoring solutions for oil and gas producing fields and CO2 storage reservoirs, from Equinor Ventures.
OCTIO performs the geophysical studies that lead to overall monitoring strategies; plans and executes operations and provides support to integrate data in interpretation workflows.
The company’s main technological propositions are real-time passive seismic monitoring and survey-based 4D gravity and seafloor subsidence monitoring that offers an alternative to seismic at 10 percent of the cost and with no impact on marine life, Reach said. OCTIO’s monitoring technologies are typically deployed and recovered using ROVs.