Norway’s Reach Subsea has extended a charter deal with compatriot owner Olympic for the multipurpose supply vessel (MPSV) Olympic Triton.
.The 2007-built vessel was fixed to Reach for six months in February, with options to extend for up to five years within a four-week period from signing.
The Haugesund-based company has already utilised the MPSV for a renewable energy project in North West Europe initiated in the first quarter of 2023. Reach will, following the extension, keep the vessel for three years firm, including the six-month charter, and retain two additional yearly extension options.
Financial terms have not been disclosed, but Reach Subsea CEO Jostein Alendal said that the structure of the contract “implies limited risk and a good upside” for both companies and includes a portion of profit sharing between the parties.
“The strong market growth for subsea services is expected to continue for many years, with thousands of new offshore wind turbines to be installed and serviced, and increasing activity in the traditional oil and gas sector. With an end-to-end service offering for ocean data and services, Reach Subsea is perfectly positioned, and by chartering Olympic Triton for the coming three years on attractive financial terms we are further strengthening our ability to leverage the accelerating market,” added Alendal.
