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 with an undisclosed buyer 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.
Reach Subsea expects to recognize an accounting gain of approximately NOK 30 million related to the WROV sale upon completion of the transaction.
In addition, the company expects to recognize an accounting gain of approximately NOK 40 million related to its ownership interest in Eidesvik Reach AS.
Both the WROV gain and the Eidesvik Reach AS gain are expected to be recognized in the fourth quarter of 2026 upon completion of the vessel sale.
According to the company, the transaction is expected to have a total positive liquidity effect exceeding NOK 200 million, including proceeds from the WROV sale, and dividends from Eidesvik Reach AS related to the vessel transaction.
“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.
