Norway’s Eidesvik Offshore has been revealed as a joint venture partner of compatriot offshore services player Reach Subsea for the ownership and operation of the subsea vessel Edda Sun.
.The two companies have formed a new entity, in which Eidesvik will be a majority stakeholder with 50.1%. The acquisition worth $29m and fully financed by the JV is expected to close in March.
The 2009-built vessel will be renamed Viking Reach and go on a six-year contract with Reach Subsea in the second quarter of 2023. Eidesvik will provide full technical management, crewing and operation of the vessel.
The news of the joint venture follows Eidesvik’s recent announcement that it has reached an agreement with its financial institutions on terms for refinancing the company’s debt until February 2026.
“The acquisition of Edda Sun is part of the company’s growth strategy and we are pleased to expand our fleet with this highly versatile vessel. We look forward to cooperating with Reach Subsea in this exciting new venture”, said Eidesvik Offshore CEO Gitte Gard Talmo.
