Norwegian offshore IMR specialist Reach Subsea has said it been awarded several contracts and call-offs under frame agreements for 2020 execution, representing about 200 project days.
The projects, with undisclosed clients, involve both inspection, survey and light construction work across Europe and America. Reach said the contracts were secured with major operators in both the oil & gas, energy infrastructure, and renewables sectors.
"Taken together with the approximately 200 project days we had already secured as we entered 2020, and our pipeline of tenders nearing decision, means that we have an unprecedented level of current year visibility when standing in February," Reach Subsea said Thursday.
The Haugesund-based company said the execution phase on the projects would start building up towards the latter half of 1Q 2020. The company did not share the financial details of the contract awards.
Jostein Alendal, CEO of Reach, said: “We are excited to see contracting activity at such a high level already in early February, which contributes well to our 2020 visibility...Our pipeline of tenders nearing decision is also substantial, so we remain hopeful that the next couple of months will be equally exciting for us."