EuropeOffshore

Reach Subsea’s Octio secures long-term contract off Australia

Octio, a subsidiary of Reach Subsea, has sealed a multi-year geophysical monitoring frame deal with an undisclosed operator offshore Australia. 

The Bergen-based subsea monitoring solutions provider will deploy its proprietary gWatch service to deliver gravimetry and seabed subsidence measurements.

The contract will see Octio provide technical support for the survey and monitoring planning for the gas fields over the next 18 to 24 months and conduct the baseline survey in late 2024. The deal is valid until 2025, with two three-year extensions up to 2031. 

“This is an international breakthrough for Octio, and we welcome this opportunity to work with a new client. The Australian monitoring contract is another strong credential for the attractiveness of the Octio offering, and we are experiencing significant interest also from other operators worldwide,” said Leon Løvheim, chief executive of Octio.

Reach Subsea acquired Octio last year from Equinor Ventures and further boosted its offering for offshore monitoring and surveying with the acquisition of iSURVEY in early 2022.

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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