MMT and REACH SUBSEA securing State-of-the-art new vessel capacity. Topaz Tiamat

Reach Subsea and MMT have over the last year been awarded several important frame agreements for Survey, IMR and light construction within both the oil & gas and renewable sector. With this backdrop of expected increase in activity, Reach Subsea has entered into an agreement with Topaz Energy and Marine (“Topaz”) for use of the newbuild subsea vessel Topaz Tiamat for 2.5 years, with three yearly options thereafter. Topaz Tiamat will be deployed into MMT´s and Reach’s common vessel pool as a replacement for Edda Fonn that has been sold to the New Zeeland Navy. The commercial terms of the charter agreement are confidential between the parties, but is structured in a way that enables Reach and MMT to offer a competitive subsea service to our clients for the next 5.5 year period.

The Topaz Tiamat is a 1,000m², diesel-electric light subsea construction vessel with 82 pax accommodation in comfort class 3, equipped with an AHC 120-tonne subsea construction crane. The vessel is built to the highest North Sea standards, with world-class station keeping and fuel economics. The charter envisages a battery pack upgrade that will even further drive fuel savings and reduce the vessel’s environmental footprint.

The vessel is intended to be used for MMT’s and Reach’s own projects within Survey, IMR and light construction within the oil & gas and renewables sectors. This subsea spread is well suited for MMT and Reach core focus markets and has a good fit with the tenders MMT and Reach currently have outstanding. The Topaz Tiamat will be mobilized during Q1 2019 with ROVs from within the current Reach ROV fleet. Thus, investments associated with this expansionary move are limited at the outset.

For further information Please contact:

Per Olof Sverlinger, CEO MMT