Reach Subsea takes Volstad MPSV on long-term charter

Norwegian offshore services player Reach Subsea has struck a deal with compatriot owner Volstad Maritime to charter in the 2009-built multipurpose support vessel (MPSV) Deep Cygnus fro four years.

The commercial terms of the deal, which includes an option to extend for one year, have remained confidential between the parties, Reach said in a regulatory filing.

Reach will mobilise the vessel during February or March 2023 and use it on projects within inspection, maintenance and repair and light construction within the oil and gas and renewables sectors. 

The 122 m long MPSV will be equipped with launch and recovery systems and remotely operated vehicles prior to delivery. Battery installation on the vessel is scheduled during the winter of 2023/2024.

“We have entered a phase of strong market development for subsea services, and with Deep Cygnus we are securing capacity for the coming years, during the transition to more unmanned operations with our Reach Remote concept. The vessel has a solid track record within the renewables segment, which we intend to use as a door opener for selling subsea services to the same clients. Volstad Maritime is a new supplier to us, but we have been very pleased with what we have seen so far on the vessel and within the organization,” said Jostein Alendal, CEO of Reach Subsea.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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