Norwegian subsea services provider Reach Subsea has chartered two subsea vessels from Olympic Subsea, citing an expected increase in work activity in 2021.
Reach Subsea said Monday it has had a busy 2020, despite market turbulence, and against a backdrop of the expected increase in activity, and to replace the subsea vessel Topaz Tiamat, the company has now entered into a charter agreement with Olympic Subsea for use of the two subsea vessels Olympic Artemis and Olympic Delta for the 2021 season.
"The commercial terms of the charter agreement are confidential between the parties, but are structured in a way that enables Reach to offer a competitive subsea service to our clients," Reach Subsea said.
Reach is already mobilized with 1 WROV on Olympic Artemis survey and IMR vessel under a co-operation agreement with Olympic and has performed several projects with the vessel since 3Q 2020. the company said.
"This co-operation agreement will from 1Q 2021 be replaced with the new charter agreement, which gives us better commercial control of the Olympic Artemis subsea spread going forward," Reach Subsea said.
The Olympic Artemis was built in 2015 by Kleven Yard. Olympic Delta was also built in 2015 and is a slightly larger version of Olympic Artemis. The vessel is outfitted with DP2, 900m2 free deck area, 2 ROV hangars and an 80t AHC subsea crane. The Olympic Delta will begin operations for Reach Subsea during 1Q 2021.
"Both vessels are intended for use on projects within Survey, IMR and light construction within the renewables and oil and gas sector. These subsea spreads are well suited for our core focus markets and have a good fit with the requirements in our frame agreements and the tenders we currently have outstanding," Reach Subsea said. The contracts include options for mutually agreed extensions.
In a separate statement on Monday, Olympic Subsea said it has secured work for the majority of 2021 for four vessels.
Apart from the Olympic Artemis and Olympic Delta with Reach Subsea, the company's Olympic Orion will continue working in the Americas for a large international energy company. The vessel will in 2021, like in 2020, be working on a walk to work project.
Olympic have also signed a contract with an international cable installation contractor to provide a vessel for the development of a wind farm offshore France. This contract includes work in both 2021 and 2022. Olympic will nominate the performing vessel at a later stage, the company said.