Rem Offshore Nets Multiple Offshore Vessel Deals Worth $138M in Total

Norway-based offshore vessel owner Rem Offshore said Wednesday it had secured multiple long-term contracts for its vessels. 

"The contracts have been signed on market terms and will ensure high fleet utilization in the coming years," Rem Offshore said.

The 2013-built Rem Inspector subsea vessel has been awarded contracts for work on offshore wind projects in Taiwan. The contracts have a total duration of just over one year with start-up in the fourth quarter of 2023, with an undisclosed client.

Since 2019, the Rem Inspector has worked within offshore wind with gangway services and the commissioning of offshore wind farms.

The subsea vessel Rem Saltire has been awarded a 2-year contract for an unnamed international seismic supplier, and will be used for node seismic and ROV services globally.

The Rem Mira has secured a contract extension with the UK-focused oil firm Serica Energy until Q4 2026. 

The Rem Insula and Rem Cetus have won contract extensions with the oil company Apache until the first quarter of 2025. 

"The supply vessels will continue to cooperate well with their charterers and will support their operations on the UK continental shelf," Rem Offshore said.

The Rem Star and Rem Art vessels have secured two-year extensions with Norway's Equinor and have ongoing contracts "well into 2025."

"The supply vessels will support their operations on the Norwegian continental shelf, and Rem is pleased to continue its cooperation with Equinor. The vessels still have 3 annual options left after 2025," Rem Offshore said.

"It is gratifying to note that the contracts reflect both today's market and the range of services we can offer to our good customers. We are solidly positioned in several segments with a modern and environmentally friendly fleet, and in combination with great effort from our employees, we continue to be a preferred shipping company," says CEO Lars Conradi Andersen.

The contracts have a total value of just over NOK 1.5 billion (currently around $138,4 million), and Rem Offshore has a total backlog of around NOK 3 billion (currently around $276,8 million).

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