OCTIO, a subsidiary of Reach Subsea ASA (“Reach”), has secured a multi-year geophysical monitoring frame contract with an
operator offshore Australia.
OCTIO will deploy the proprietary gWatch service to deliver gravimetry and seabed subsidence measurements. “This is an international breakthrough for OCTIO and we welcome this opportunity to work with a new client. We look forward to deploying our cost-efficient gWatch service and supporting the client to maximize gas production sustainably.
The Australian monitoring contract is another strong credential for the attractivity of the OCTIO offering, and we are experiencing significant interest also from other operators worldwide” said Leon Løvheim, CEO of OCTIO.
OCTIO will provide technical support for the survey and monitoring planning for the gas field over the next 18 to 24 months and will conduct the baseline survey in late 2024. The frame contract is valid until 2025, with two three-year extensions up to 2031.
Reach Subsea acquired OCTIO in December 2021, and together with the acquisition of iSURVEY in early 2022, it provides Reach Subsea with a complete offering for offshore monitoring and surveying. With OCTIO’s and iSURVEY’s competent teams and unique technologies, we can serve offshore customers with cost efficient and accurate seabed monitoring data with short lead times,” said Jostein Alendal CEO of Reach Subsea, and continued: “The market is strong, and it is great to offer complete and attractive solutions through the whole value chain of offshore services for our customers within the renewable energy sector as well as traditional oil and gas. Next year we will strengthen our offering further with the launch of the extremely cost and climate friendly unmanned Reach Remote offshore vessel system. The OCTIO technology is perfectly suited for efficient deployment with Reach Remote.