Reach Subsea, a Norwegian subsea services provider, has announced that it has received a notice of contract award, pending the outcome of contract negotiations, from a major European energy provider. The potential contract, slated for execution in the fourth quarter of this year, is expected to span approximately 75 vessel days.

Under this contract, Reach Subsea will deploy one of its DP2 subsea vessels, accompanied by the Surveyor Interceptor high-speed survey remotely operated vehicle (ROV).

CEO Jostein Alendal of Reach Subsea expressed satisfaction with securing this significant contract, considering it an endorsement from a major European energy company. Alendal highlighted the company's strong position, having entered the summer season with a record-high order backlog and increased capacity. He noted the company's substantial activity during the summer months and emphasized the high tender activity they are currently experiencing.

Reach Subsea's positive market outlook is driven by investments in both the oil and gas sector and the rollout of offshore renewable energy projects.

In 2022, Reach Subsea achieved what it referred to as "record" high revenue and operating profit. The company's order backlog saw a significant increase, reaching seven times its previous year's level. This improvement was attributed to factors such as high utilization rates, enhanced pricing, effective execution, and the integration of iSurvey and Octio businesses.

It's worth noting that 2021 was also a notable year for Reach Subsea, which the company described as the best financial year in its history.