Reach Subsea Awarded Contract for Olympic Challenger in Gulf of Mexico

Reach Subsea ASA ("Reach") has been awarded a contract for use of the Olympic Challenger in a project in the Gulf of Mexico.

The contract, which does not include ROVs, is set to commence in November with a firm period lasting through 1Q2021 and with options to extend towards the summer of 2021. With this contract, Reach has covered its remaining commitment on the Olympic Challenger.

Since their last update Reach has together with MMT secured several smaller contracts for the winter season. The company now have approximately 900 project days (equivalent to about 1,200 ROV days) for second half 2020 execution, and approximately 450 project days (about 600 ROV days) for 2021 execution.

Jostein Alendal, CEO of Reach Subsea, comments: "We are very pleased with our success in building a sensible schedule for the winter season. Admittedly, the Olympic Challenger contract is merely a question of covering our cost in a tough winter market, but with this we are now setting ourselves up to enter 2021 with a solid financial position. We believe this will be an important enabler for our ability to realize some of the interesting opportunities we are pursuing for the future."