Reach Subsea has secured a conditional Letter of Award (LOA) for a project in West Africa, through which it will be a sub-contractor to a “major tier-one contractor” .
The assignment includes support for the installation and anchoring of an offshore unit, as well as survey and positioning tasks to be undertaken by the company’s subsidiary iSurvey.
Reach Subsea will charter a hybrid-powered AHC/offshore construction vessel, mobilized with a work-class remotely operated vehicle (ROV) for the project.
Activities will be kicked off towards the late first quarter of 2023 and are expected to last well into Q2 2023.
“We experience a solid market for subsea services. This significant contract improves our order backlog considerably and is evidence of the strong value proposition of our complete and integrated offering – including survey and positioning services delivered by our new colleagues in iSurvey,” said CEO of Reach Subsea Jostein Alendal .
With this cLOA, and including several other recent awards and extensions, Reach said it had won contracts with an expected value of approximately NOK 300 million (almost €29 million) in the period since the Q3 2022 report.
Last month, the Norwegian company secured a “larger” contract as well as several contract extensions that encompass projects in Trinidad and Tobago and Northern Europe.