Reach Subsea and MMT to collaborate more closely - form JVCompany News // July 2, 2015
Reach Subsea and MMT have established a joint venture agreement for survey services. The two parties have undertaken a charter restructuring arrangement which will add more flexibility to the business model and strengthen our combined market reach.
Included in the JV agreement is the shared commitment of two survey vessels, Edda Fonn which is on charter to Reach until December 2017, and Stril Explorer, which is on charter to MMT until April 2016.
The two vessels will now be operated in a pool arrangement where risk and reward will be shared 50/50 between Reach and MMT and jointly marketed.
"The agreement increases our capacity to grow at a point in time when opportunities are abundant, and the parties will leverage this increased joint strength by adding new competitive vessel capacity in the future and further develop the services offered to our clients worldwide," said Reach Subsea's CEO, Jostein Alendal.