Waiting for a contract with a big energy player

Waiting for a contract with a big energy player

Reach Subsea is close to closing a contract with a major European energy supplier, the company announced Thursday after trading closed.

In service: the remotely controlled “Surveyor Interceptor”. Photo: Reach Subsea

It is noteworthy that the award of the final contract is conditional on successful negotiations.

The contract period will be around 75 days for the vessel and it is expected to be completed in the last quarter of this year.

For the project in question, one of Reach Subsea’s DP2 offshore vessels and the remote-controlled submerged vessel “Surveyor Interceptor” will be used.

“We are delighted to receive this important contract, which is a great recognition from a major European energy company,” Reach Subsea CEO Justin Allendahl said in the letter.

– We entered the summer season with a record backlog of orders and more capacity than ever before, and all summer we have been very busy with project activity. At the same time, we are seeing very high bidding activity, confirming our positive market outlook, driven by both oil and gas investments and the start-up of renewable energy projects abroad, he adds.

down on the stock exchange this year

Reach Subsea shares rose 1 percent to NOK 3.99 on the Oslo Stock Exchange on Thursday. So far this year, the share is down 5 per cent, despite bullish analysis from Fearnley Securities earlier this summer.

Reach Subsea will report its accounts for the second quarter next Wednesday, August 23rd.

After the first quarter, Reach and Alendal reported a high order history and high expectations for several years of growth.

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Dalila Awolowo

Dalila Awolowo

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