Middle East

Wilhelmsen acquires shares in Reach Subsea

Wilhelmsen has acquired a 21% stake in Reach Subsea ASA. The two companies will work together to form a strategic partnership to commercialize the Reach Remote concept, bringing Reach Subsea to new industries and geographic regions.

Jan Eyvin Wang, Executive Vice President of New Energy at Wilhelmsen, said: He believes it has the potential to grow within emerging sectors such as offshore wind, undersea cables and other offshore electrified infrastructure, carbon storage and deep sea mining. “

Listed on the Oslo Stock Exchange, Reach Subsea is headquartered in Haugesund, Norway, providing undersea services to energy clients as a subcontractor. Its core business is based on remotely operated vehicles (ROVs) and autonomous underwater vehicles (AUVs). With the recently announced merger with iSurvey, Reach has expanded to research and data processing capabilities and has also acquired Octio, a provider of monitoring solutions in the carbon storage and hydrocarbon production areas. In the fourth quarter of 2021, Reach recorded record high annual and quarterly profits.

Jostein Alendal, CEO of Reach, said: ReachRemote projects and future-proof marine undersea services through secure and sustainable solutions that dramatically reduce operational costs and operational environmental footprints by combining core maritime capabilities, global footprints, and extensive networks. Enlarge. “

The Reach Remote concept, operated in collaboration with Kongsberg Maritime and Massterly, began in early 2021 with a support grant from the Innovation Norway. Reach is on track to deliver the first two Reach Remote unmanned aerial vehicles (USVs) in 2023. By 2025, the company’s goals are low emissions, cost-effectiveness, remote and autonomous fleets. These USVs act as communication modules for mobile power banks, data centers, and underwater ROVs, and USVs operate from Masterly’s land control center. In addition to the functions of both real-time operator control and autonomous operation, a hybrid mode that combines remote control and semi-autonomous control is incorporated.

Wilhelmsen is supporting the commercialization of the Reach Remote concept by underwriting a new stake in Reach, which is equivalent to a 21% stake. In addition, Wilhelmsen is granted a warrant and, if fully exercised, could give Wilhelmsen 33% ownership.

Reach’s Election Commission proposes at the Annual Meeting that Wilhelmsen’s Vice President of Strategy and M & A, Espen Gjerde, will be elected as a new board member of Reach. This proposal is endorsed by North Energy, Reach’s major shareholder.

https://www.oedigital.com/news/494414-wilhelmsen-acquires-stake-in-reach-subsea Wilhelmsen acquires shares in Reach Subsea

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