With reference to the previously communicated plan to bring in a strategic partnership for co-ownership of the ROV support vessel Edda Sun, Reach Subsea announces a new joint venture with Eidesvik Offshore for the ownership of the vessel. The joint venture is owned 50.1% by Eidesvik and 49.9% by Reach Subsea. Under its new name Viking Reach the vessel will commence on a 6-year contract between the JV and Reach Subsea starting in Second Quarter 2023.

In addition to being co-owner, Eidesvik will provide full technical management, crewing and operation of the vessel. Edda Sun is a very well suited vessel for survey and light construction projects, and will be mobilized with one Supporter WROV and one Surveyor ROV. Reach Subsea has over the recent months taken significant steps to put in place a renewed strong long-term core fleet and announced the acquisition of Edda Sun for USD 29 million on 24 November 2023.

With the JV with Eidesvik Offshore, the acquisition of the vessel is fully financed. Reach Subsea's share of the investment is financed through equity and bank financing. Settlement of the acquisition and delivery of the vessel will take place in March 2023.