Norway-headquartered Reach Subsea has exercised the option to extend the contract for one of Havila Shipping’s inspection, maintenance, and repair (IMR), survey, and construction vessels, on improved terms than previously agreed.
Reach Subsea has entered into an agreement with Havila Shipping to extend the firm charter period for Havila Subsea for three years, until December 31, 2027, with further two annual options.
According to Havila Shipping, the contract extension has been made on terms adapted to the market and involves improved terms than previously agreed with effect from June 1, 2024.
“In a rising market, maintaining strong operational control over core assets is crucial. We are witnessing ongoing positive market trends, with our order book and tender volume consistently increasing year by year, in line with our expanding capacity,” said Jostein Alendal , CEO of Reach Subsea.
“A key component of our strategy is maintaining strong partnerships with shipowners known for their high-quality, safe, and cost-efficient performance. Our collaboration with Havila Shipping ASA since 2017 has been exceptionally positive, and we look forward to continuing this successful relationship in the years to come.”
With an overall length of 98 meters and a deck area of 600 m2, the 2011-built Havila Subsea is a DP2 IMR and light construction subsea vessel of Havyard 855 design. It can accommodate 78 people.
Reach Subsea chartered Havila Subsea in March 2017. In October 2021, the companies agreed on an extension that covered a fixed period of two years and three months , starting on October 1, 2021, and ending on December 31, 2023.
The Norwegian player exercised another option with Havila Shipping for a fixed period of one year in September 2023, extending the contract for the vessel until December 31, 2024.
At the end of last year, Reach Subsea and its Brazilian partner OceanPact received a notice of contract award from Equinor for combined light construction, IMR and survey services using Havila Subsea.