Reach Subsea Adds Strategic Brazil Deal

Norway-based subsea service provider Reach Subsea recently signed contracts totaling over NOK 200 million, including an important strategic deal in the Brazilian market signed yesterday (7th September). This contract is the first result of a strategic partnership with a Brazilian offshore company.

“The deal in Brazil is very important to us, not only because of its size, but also because expansion in Brazil has been high on our agenda for a long time and now we are taking the first steps. is stepping out.

“The market is large and we have a great product offering following our acquisitions of iSURVEY and OCTIO, which will be further enhanced when we launch our first autonomous unmanned offshore vessel, the Reach Remote, next year.

Reach Subsea CEO Jostein Alendal said:

The Brazilian mission will be the main season in 2023 and will include two Work Class ROVs (WROVs) and one offshore vessel with personnel.

“This week’s contract signing is another confirmation of Reach Subsea’s strong position in the accelerating market for subsea services. We can take advantage of it,” he added.

As previously reported, Reach Subsea said on February 17 that it had agreed to buy offshore survey services firm iSurvey in a deal worth NOK 135 million. Separately, it was announced that Wilhelmsen had acquired his 21% stake in Reach Subsea.

At the time, the company said the transaction, completed in March, would be settled through the issuance of 33.8 million shares of reach and NOK 25 million in cash, equivalent to NOK 3.25 per share.