The contracts and call-offs awarded to the companies under frame agreements for 2020 execution represent about 450 project days
Norwegian subsea services firm Reach Subsea and MMT have secured several contracts and call-offs under frame agreements for 2020 execution.
The projects include both inspection, survey and construction support work for major operators in both the oil & gas and renewables sectors across Europe and the Americas.
Reach Subsea said that the contracts will add approximately 450 project days in total.
Reach Subsea CEO Jostein Alendal said: “We are pleased to have secured contracts in a challenging time and we see that our good performance is working as a hedge to market shocks.
“We have taken serious measures to ensure the safety of our personnel during the COVID-19 pandemic, which has been very successful so far.”
Reach Subsea has roughly 750 project days for 2020 execution
Currently, Reach Subsea has roughly 750 project days for 2020 execution that is equivalent to around 1,300 ROV days, of which Aatotal of 160 were executed in the first quarter.
The company has approximately 250 project days for 2021 execution.
MMT CEO P-O Sverlinger said: “It is also encouraging to see that our clients are starting to recognise the benefits of our high speed survey ROVs” and that some 300 of the recently awarded project days are related to inspection and seabed mapping campaign projects primarily in the renewables sector.”
In February, Reach Subsea was awarded several contracts and call-offs under frame agreements for 2020 execution. The contracts represented about 200 project days.
The projects involve both inspection, survey and light construction work across Europe and America.
Alendal had stated: “We are excited to see contracting activity at such a high level already in early February, which contributes well to our 2020 visibility.
“These awards are a testament to the excellent execution track record for our clients over the past years. Our pipeline of tenders nearing decision is also substantial, so we remain hopeful that the next couple of months will be equally exciting for us.”