Reach Subsea's subsidiary OCTIO has won a multi-year geophysical monitoring frame contract with an undisclosed operator offshore Australia.
OCTIO will deploy its gWatch service to deliver gravimetry and seabed subsidence measurements.
"This is an international breakthrough for OCTIO and we welcome this opportunity to work with a new client. We look forward to deploying our cost-efficient gWatch service and supporting the client to maximize gas production sustainably.
The Australian monitoring contract is another strong credential for the attractivity of the OCTIO offering, and we are experiencing significant interest also from other operators worldwide,” said Leon Løvheim, CEO of OCTIO.
OCTIO will provide technical support for the survey and monitoring planning for the gas field over the next 18 to 24 months and will conduct the baseline survey in late 2024. The frame contract is valid until 2025, with two three-year extensions up to 2031.
Reach Subsea acquired OCTIO in December 2021.
