MMT and Reach Subsea have established a Joint Venture agreement primarily for marine surveys within the oil and gas segment. Consequently, the two parties have performed a charter restructuring arrangement, which will add more flexibility to the business model and strengthen our combined market reach.
The Joint Venture agreement will increase our capacity to grow and give our customers a broader and more efficient service. The parties wish to leverage on the joint strength by adding new vessels and competencies to the Joint Venture. This enable us to further develop the marine survey and IMR services offered to the customers worldwide, through the jointly operated pool arrangement which include shared commitment of two survey vessels, Edda Fonn on charter to Reach and Stril Explorer on charter to MMT. This arrangement enable us to meet our clients’ needs with increased vessel flexibility and availability, while simultaneously enhance data quality and cost optimization.
CEO of MMT, Stefan Eliasson comments; “The co-operation will strengthen our strategy to become a major player within oil and gas and be a step forward for further marketing our excellent methods and technology in the market. Together with Reach we can offer high standard technology and cost effective services which is aligned with our Clients expectations.”
CEO of Reach Subsea, Jostein Alendal, comments: “The co-operation between Reach and MMT on development and operation of the Surveyor Interceptor, our high-speed survey ROV, has worked out very well. While Reach derives the majority of its revenues from the Oil & Gas sector, MMT has the majority of its revenues from clients in the renewable and telecom sectors. Thus, the two companies are highly complementary on the client side, which both parties stand to mutually benefit from.”