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Reach Subsea Awarded Contract for the Newbuild Subsea Vessel

Source: www.gulfoilandgas.com 11/8/2018, Location: Middle East

Reach Subsea and MMT have over the last year been awarded several important frame agreements for Survey, IMR and light construction within both the oil & gas and renewable sector. With this backdrop of expected increase in activity, Reach Subsea has entered into an agreement with Topaz Energy and Marine (“Topaz”) for use of the newbuild subsea vessel Topaz Tiamat for 2.5 years, with three yearly options thereafter.

Topaz Tiamat will be deployed into the successful co-operation agreement Reach has with MMT. The commercial terms of the charter agreement are confidential between the parties, but are structured in a way that enables Reach and MMT to offer a competitive subsea service to our clients for the next 5.5 year period.

The Topaz Tiamat is a 1,000m², diesel-electric light subsea construction vessel with 82 pax accommodation in comfort class 3, equipped with an AHC 120-tonne subsea construction crane. The vessel is built to the highest North Sea standards, with world-class station keeping and fuel economics. The charter envisages a battery pack upgrade that will even further drive fuel savings and reduce the vessel’s environmental footprint.

The Topaz Tiamat will be mobilized during Q1 2019 with ROVs from within the current Reach ROV fleet. Thus, investments associated with this expansionary move are limited at the outset. The vessel is intended used for Reach and MMT’ own projects within Survey, IMR and light construction within the oil & gas and renewables sectors. This subsea spread is well suited for our core focus markets and has a good fit with the tenders we currently have outstanding.

Jostein Alendal, CEO of Reach says: “We are very pleased to be able to offer a next generation subsea spread to our clients, an energy efficient vessel that fits nicely into our focus markets. The Topaz Tiamat is the first vessel chartered from Topaz, but based on their professionalism and proactive approach, we believe this will be the start of a successful and productive cooperation going forward.”

Rene Kofod-Olsen, CEO of Topaz Energy and Marine said: “The Tiamat and Tangaroa, designed with, and built by, VARD Norway, set new benchmarks in efficiency, operability and cost-competitiveness. These vessels, along with Topaz’s agile commercial mindset and reliability as a counterparty, have allowed us to forge a new long-term partnership with a strong subsea partner like Reach Subsea and we look forward to continue finding innovative ways of serving the offshore energy industry together.”

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