Norwegian offshore vessel operator Reach Subsea has announced some good news in a trying time for the sector.
Working with its Swedish partner MMT, it has sealed "several" contracts under frame agreements for this year.
The agreements add about 450 project days to its backlog.
The projects involve inspection, survey and construction support work across Europe and the Americas, for major operators in both the oil and gas and renewables sectors.
"With the addition of these contracts, our schedule indicates good utilisation during the summer season," it said.
Reach now has 750 project days — equivalent to about 1,300 remotely operated vehicles days — lined up in 2020.
Of these, 160 were executed in the first quarter. It has 250 days contracted for 2021.
The sector has been hammered by coronavirus restrictions and the oil price plunge in recent weeks.
Projects continuing
Reach's projects are still going ahead as planned, but it said it was aware that "in these extraordinary times things can change".
Chief executive Jostein Alendal added: "We are pleased to have secured contracts in a challenging time and we see that our good performance is working as a hedge to market shocks.
"We have taken serious measures to ensure the safety of our personnel during the Covid-19 pandemic, which has been very successful so far".
MMT chief executive P-O Sverlinger said: "It is also encouraging to see that our clients are starting to recognise the benefits of our high-speed survey ROVs and that some 300 of the recently awarded project days are related to inspection and seabed mapping campaign projects primarily in the renewables sector."
The company clinched frame agreements in 2018 with clients including Equinor, Shell, BP and Wintershall.
