Greece-based subsea and offshore service provider Asso Group has announced the signing of a memorandum of agreement (MOA) for the acquisition of the IMR vessel Viking Reach, following a purchase agreement with her owners.
The acquisition also includes a high-specification Work-Class ROV (WROV) spread. The completion of the transaction is expected in the early fourth quarter of 2026, subject to customary closing conditions.
Asso Group said the vessel upon delivery will be renamed Arete, honoring Queen Arete (Αρήτη) of Greek mythology, and will hoist the Greek flag. It will join the group’s fleet for primary use as a trenching support vessel (TSV) to sustain the group’s heavy project backlog in the coming years.
With its subsea equipment, 70t AHC crane, integrated WROV and survey spreads, shallow water capability and extensive deck area, the Arete will be ideally equipped for multi-purpose roles in subsea cable protection, route preparation, post-lay burial, and the growing offshore wind market.
“The acquisition of TSV Arete reinforces our long-term commitment to providing top-tier trenching solutions to the offshore energy market,” stated Eva Pavlou, commercial director at Asso.subsea.
Eidesvik Reach confirms sale of Viking Reach including a WROV
Norway’s Eidesvik Reach AS, the joint venture owning the IMR vessel Viking Reach and in which Reach Subsea ASA holds a 49.9% ownership interest, has entered into a memorandum of agreement for the sale of the vessel.
In a stock exchange filing on Euronext, Reach Subsea said the transaction is expected to be completed in the early fourth quarter of 2026, subject to customary conditions.
As part of the transaction, Reach Subsea will also sell the work-class ROV (WROV) onboard Viking Reach to the buyer.
“The sale of Viking Reach allows us to realize value in a strong second-hand vessel market while advancing our long-term fleet renewal strategy. The investment has delivered an attractive return over our ownership period. The transaction also releases significant capital, strengthening our balance sheet and providing additional flexibility to continue high-grading our asset base and enhancing operational efficiency,” said Jostein Alendal, CEO of Reach Subsea ASA.
