Norwegian contractor, Reach Subsea has, through its joint venture (JV) cooperation with Sweden’s MMT, signed contracts for approximately 60 days for Edda Fonn in the North Sea.
At the end of June this year, the two companies established a joint venture agreement primarily for survey services.
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.
According to Oslo-listed company, the work scope is primarily seabed mapping, light construction and seabed intervention.
Reach also sad that Stril Explorer is expected to have high utilization during the same period.
Edda Fonn will begin with work directly upon arrival from the Mediterranean, where it recently completed a five months contract.
The company did not disclose the commercial terms between the parties.