Norwegian offshore services player Reach Subsea has entered into various contracts and call-offs under frame agreements, taking its backlog to around 1,550 project days, of which some 1,250 project days are for execution this year, up from 1,100 days announced earlier.
The Oslo-listed firm said the contracts cover both oil & gas and renewables projects and indicate good utilisation for the third quarter to build upon for the 2021/22 winter season.
In addition, Reach has entered into a letter of intent with an undisclosed client for mobilisation of one ROV on a new subsea vessel towards a two-year firm contract, which would add approximately 750 project days. The company expects the LOI to be converted to a firm contract shortly.
