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Reach Subsea Announces Renewal of Statoil Frame Agreement

Source: 1/15/2018, Location: Europe

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Reach Subsea has announced that Statoil has renewed and expanded MMT Sweden’s frame agreement. The successful co-operation between Reach Subsea and MMT Sweden has resulted in a new frame agreement covering both survey and light construction for the next three years. The frame agreement is call-off based, which means that Statoil can award contracts for survey and light construction projects in the North Sea on an as needed basis.

As part of the frame agreement, MMT Sweden has in co-operation with Reach Subsea been awarded a contract with Statoil for survey and light construction work offshore Norway. The value of the contract is confidential. The work will be performed with the subsea vessel Havila Subsea (see photo below) from early February onwards and will include survey and light construction.

The frame agreement and the associated awarded work is of great strategic importance for both MMT Sweden and Reach Subsea. The two companies have worked jointly together since 2013 and have gradually increased the market share within the segment of survey and light construction with the aim of being a key supplier for the major clients in this segment.

Furthermore, MMT Sweden and Reach Subsea have in recent years made large investments in this segment, developing a professional and experienced personnel base and building a modern fleet of vessels and equipment in order to be prepared for this project.

We are delighted that Statoil has awarded us this contract and shown their confidence in our capabilities and service offering.

This first contract award under the frame agreement is the same as referenced in our stock exchange release on 22 December 2017.

Jostein Alendal, CEO of Reach Subsea, says: 'We are delighted and proud that Statoil has recognised the competitive service offering that MMT Sweden and Reach Subsea can provide in co-operation. Our common investment in developing the innovative Surveyor high speed ROV, as well as the track record we have built together utilising the complementary skills of Reach Subsea and MMT Sweden, has played an instrumental role in positioning us for this frame agreement.'

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