Norwegian operator Reach Subsea has the equity portion of its autonomous newbuilding funding in place, but is keeping tight-lipped about the vessel series.
The Oslo-listed company announced this week that an unnamed strategic investor has agreed to take a stake of up to 33% in return for an initial NOK 150m ($17m).
The cash will help Reach develop its unmanned survey vessel operation, Reach Remote, developed with domestic technology company Kongsberg.
Chief executive Jostein Alendal told a conference call: “Reach getting in a strategic partner has been very important for us.”
“It’s good to have this in place, it can make way for big-scale thinking,” he added.
Contracts will be signed this year for the first two ships in the series, with delivery set for next summer.
No shipyard details have been released.
Alendal said the company hopes to reveal more about the investment and its newbuilding plans when possible.
Chief financial officer Birgitte Johanssen said the equity part of the financing for the first two ships is now in place, thanks to the new investment.
“This brings us to the place where we want to be,” she added.
Bank financing will still be needed, and this has not yet been closed.
Different financing routes planned
The funding will be split between traditional loans for the ships, and lease financing for the remotely operated vehicles that will work from them, Johanssen said.
The initial capital expenditure for the project is about NOK 400m, she revealed.
Johanssen also said the company is not disclosing the number of vessels it ultimately wants to build.
“We are keeping the question open,” she added.
Reach said the Remote concept had experienced great interest from clients and potential partners across the world.
“There are several industrial players Reach is in dialogue with who wish to be part of Reach Remote, and who could contribute to the funding and commercialisation of the project,” the company added.
