Reach Subsea and MMT in survey services JV

Reach Subsea and MMT have established a Joint Venture agreement primarily for survey services, as the two parties have performed a charter restructuring arrangement, in order to achieve more flexibility to the business model and strengthen the companies’ combined market reach.

Included in the Joint Venture agreement is the shared commitment of the two survey vessels, Edda Fonn on charter to Reach until December 2017 and Stril Explorer on charter to MMT until April 2016.

The two vessels will now be operated in a pool arrangement where risk and reward will be shared 50/50 between Reach and MMT. According to the agreement, in case of not renewing the charter on Stril Explorer beyond the current period, Reach will consequently have a reduced charter commitment of approximately NOK 70 million ($8.925M), which be re-invested by adding vessel capacity to the pool with MMT, Reach says.

CEO of Reach Subsea, Jostein Alendal, said: “The co-operation between Reach and MMT on development and operation of the Surveyor Interceptor, our high-speed survey ROV, has worked out very well. While Reach derives the majority of its revenues from the Oil & Gas sector, MMT has the majority of its revenues from clients in the renewable and telecom sectors. Thus, the two companies are highly complementary on the client side, which both parties stand to mutually benefit from.”

CEO of MMT, Stefan Eliasson said: “The co-operation will strengthen our strategy to become a major player within oil and gas and be a step forward for further marketing our excellent methods and technology in the market.  Together with Reach we can offer high standard technology and cost effective services which is aligned with our Clients expectations.”

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply