Reach Subsea is working on a new project that aims to decarbonise its sector of the offshore vessel industry.
The Oslo-listed company, which controls a fleet of offshore vessels, said it is working with "strong industrial partners" to reshape the way subsea services are carried out.
Reach is keeping details of the "innovative solution" under wraps for now, but said more information will be announced in the first part of 2021, with the aim of bringing it to market in 2022.
"The anticipated impact of these solutions are significant reductions in the cost of providing subsea services, and virtually eliminating the carbon footprint associated with subsea services," Reach said.
The company has also logged the highest quarterly result in its history for the third quarter, despite havoc caused in the sector by Covid-19.
This has been driven by high utilisation and successful project execution.
There has been high growth in the renewables segment during the period, with 32% of revenue coming from this sector, up from 7% a year ago, as major projects are executed in offshore wind.
Profit on the up
Ebitda was NOK 87.9m ($9.8m), compared to NOK 61.3m in 2019.
Reach, with six chartered-in vessels, has 430 project days secured for the remainder of the 2020 season, and 470 project days secured for 2021.
Net earnings were NOK 33.22m, from NOK 4.12m the year before. Revenue rose to NOK 201m, versus NOK 153m in 2019.
"The combination of a lean and agile organisation, and the attractive cost structure of our subsea spreads, gives Reach Subsea a flexible and competitive cost base tailored to cope with weak markets," the company said.
