MMT, Reach Subsea to Form JV

MMT Group AB (Gothenburg, Sweden) and Reach Subsea AS, an integrated Subsea Service Provider (Haugesund Norway), have signed a Letter of Intent for the purpose of establishing a new Joint Venture within Offshore Survey Operations.

The Parties have for some time, together with the engineering company Kystdesign AS, developed a new generation of high speed Survey ROV the “Surveyor”, with the intention to build the first unit in 2013 and be ready for offshore operations in 2014. The new entity will deliver subsea services such as general Offshore Survey, Lay Support, Seabed Mapping and Pipeline/Structure Inspections from a dedicated DP2 vessel to be chartered in by the Joint Venture. The new service will be more cost efficient, flexible and give the client even better high quality data, compared to existing solutions in the market.

The two companies have together 300 experienced people employed and involved in offshore work and the subsea energy market.

The combined competences of the two companies will provide an innovative and robust alternative to the current market options.

Their offices are presently in Haugesund Norway, Gothenburg Sweden and Banbury Great Britain. The joint fleet consists of 7 vessels, 7 ROV´s and 2 ROTV’s with further units to be delivered next year.

Press Release, May 6, 2013

 

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