Photo credit: Reach Subsea

Norway´s Reach Subsea partners with owner and operator of world-wide fleet of purpose-built vessels Eidesvik Offshore, for co-ownership of the ROV support vessel Edda Sun. The joint venture is owned 50.1 percent by Eidesvik and 49.9 percent by Reach Subsea.

Reach Subsea has over the recent months taken significant steps to put in place a renewed strong long-term core fleet, and announced the acquisition of Edda Sun for USD 29 million on 24 November 2022.

The vessel, with the new name Viking Reach, will commence on a 6-year contract between the JV and Reach Subsea starting in the second quarter of 2023.

As part of the deal Eidesvik, in addition to being co-owner, will provide full technical management, crewing and operation of the vessel.

With the Joint venture with Eidesvik Offshore, the acquisition of the vessel is fully financed. As Reach Subsea states “share of the investment is financed through equity and bank financing.” The delivery of the vessel as well as the settlement of the acquisition will take place in March 2023.

CEO at Reach Subsea, Jostein Alendal said “Eidesvik has been a strategic partner for Reach Subsea for many years and we are pleased to further strengthen our relationship both with regards to co-ownership and operations. We are currently seeing record high activity in the subsea market and this joint venture represents an important step for us in terms of securing a long-term core fleet portfolio.”

As the company says, Edda Sun is a very well suited vessel for survey and light construction projects, and will be mobilized with one Supporter WROV, and one Surveyor ROV.

In addition to the acquisition of Edda Sun, Reach Subsea has recently entered into long-term charters of the subsea support vessels Deep Cygnus, Go Electra, and Olympic Triton.

“With this we have secured a strong fleet at attractive terms. Being an end-to-end subsea service provider, we are now ready for continued growth in a strong market,” said Jostein Alendal.