Reach Subsea, in partnership with Eidesvik Offshore and Agalas, has signed a contract for a new, modern IMR/Survey vessel.
The vessel will be jointly owned, with Reach Subsea holding a one-third stake and an entity owned by Eidesvik and Agalas, controlled by Eidesvik, holding the remaining two-thirds.
The vessel is scheduled for delivery in spring 2027. Reach Subsea’s equity investment will be financed through existing cash reserves and operational cash flow. Additionally, Reach Subsea has signed a five-year charter for the vessel, with options for two one-year extensions, starting upon delivery. Eidesvik will manage the vessel.
Jostein Alendal, CEO of Reach Subsea, said: "Vessel capacity for long-term growth is crucial for us. While long-term charter agreements remain our primary business model, we recognize the significant value in establishing co-ownership of key assets to support our long-term strategy."
In November 2023 Reach Subsea announced a long-term charter contract for a similar IMR/Survey vessel owned by Eidesvik and Agalas with planned delivery early 2026.
Jostein Alendal added: "These innovative low emission vessels are well suited for solving complex tasks across different segments in the ocean space. The vessel’s 150-ton AHC knuckle boom crane, and expansive 900-square-meter deck area perfectly accommodate Survey, IMR and construction operations."
Helga Cotgrove, CEO of Eidesvik, said: "Adding another newbuild is providing fleet renewal and adding scale with a low emission, versatile vessel. We are pleased to further continue our strong collaboration with existing partners. This is in line with our strategy and builds shareholder value."
Mats Nygaard Johnsen added: "Developing another newbuild with a time charter contract in the subsea segment is an important milestone for Agalas. Doing this together with our strong partners,Eidesvik and Reach Subsea, is especially rewarding, ensuring a market-leading vessel and top-quality operations."
The vessel, equipped with dual fuel gensets, can run on either methanol or a combined MGO/battery system, bolstering Reach Subsea’s commitment to sustainability and climate. When powered by methanol, the vessel’s CO2 emissions are anticipated to be approximately 70 percent lower than those of the existing fleet. When using the MGO/battery system it is projected to achieve a reduction of around 20 percent.
The new vessel will be constructed at the Sefine Shipyard in Turkey. It will be tailored to Reach Subsea’s requirements, and specifications have been developed in close collaboration between Reach, Eidesvik, Agalas and NSK Ship Design (as designer). It will be equipped with innovative ROV launch and recovery systems (LARS) and prepared for deep-water operations.