Reach Subsea Nets Vessel Deal in Gulf of Mexico


October 19, 2020
Olympic Challenger - Credit: Paul Misje/

Olympic Challenger - Credit: Paul Misje/

Norwegian subsea services firm Reach Subsea has said it has won an offshore vessel contract in the Gulf of Mexico.

Reach Subsea said the contract, with an unnamed client, was for the use of the Olympic Challenger vessel on a project in the Gulf of Mexico.

The Olympic Challenger is a DP2 light construction and ROV support vessel owned by Olympic Shipping. It is equipped with a 250T AHC on deck and two Oceaneering WROV. Reach chartered the vessel from Olympic on a two-year deal in April 2018.

According to Reach, the new Gulf of Mexico contract does not include ROVs. The contract is set to begin November with a firm period lasting through the first quarter of 2021 and with options to extend towards the summer of 2021. 

"With this contract, Reach has covered its remaining commitment on the Olympic Challenger," Reach Subsea said. 

The company on Monday also revealed that it has recently, together with partner MMT, secured several smaller contracts for the winter season.

"We now have approximately 900 project days (equivalent to about 1,200 ROV days) for the second half 2020 execution, and approximately 450 project days (about 600 ROV days) for 2021 execution," Reach Subsea said.

Jostein Alendal, CEO of Reach Subsea, comments: “We are very pleased with our success in building a sensible schedule for the winter season. Admittedly, the Olympic Challenger contract is merely a question of covering our cost in a tough winter market, but with this, we are now setting ourselves up to enter 2021 with a solid financial position. We believe this will be an important enabler for our ability to realize some of the interesting opportunities we are pursuing for the future."

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