Reach Subsea Bags Statoil Contract

Norway-based Reach Subsea has been awarded a Frame Agreement for Inspection, Maintenance and Repair (IMR) services to Statoil Petroleum.

The frame agreement has a duration of five years, and commences in 2019.

Commercial terms under the agreement are confidential between the parties. However, the frame agreement is call-off based, which means that Statoil can award contracts for IMR services in the North Sea on an as needed basis.

Reach Subsea CEO Jostein Alendal said, “We are proud to be awarded the IMR Frame Agreement with Statoil, which is of significant strategic importance and improves visibility for our service offerings for the next five years. This award is a testament to the track record we have built over the past few years, combining a relentless focus on the highest quality in our operations, and strict cost discipline."