Oslo-listed Reach Subsea has recently signed contracts worth over NOK200m ($20m), including an important strategic contract in the Brazilian market signed on Wednesday.
The Norwegian subsea services player said the contract is the first result of a strategic partnership with an undisclosed Brazilian offshore player.
The assignment in Brazil is for the main season of 2023 and involves one offshore vessel with two work-class remotely operated vehicles (WROVs) and personnel.
“The contract in Brazil is very important for us, not only because of its large size, but also since expansion in Brazil has been high up on our agenda for a long time, and now we are taking the first step. The market is large, and we have a great product offering following the acquisitions of iSURVEY and OCTIO, which will be further strengthened when we launch our first autonomous, unmanned offshore vessels, Reach Remote, next year. Together with our new Brazilian strategic partner, we have now opened up a market with significant growth potential for us,” said Jostein Alendal, CEO of Reach Subsea.
