Norway’s Eidesvik Offshore and compatriot subsea service company, Reach Subsea, have established a joint venture to own and operate the 2009-built inspection, maintenance and repair (IMR) ship, Edda Sun.
The joint venture, 50.1% owned by Eidesvik and 49.9% by Reach Subsea, has been announced following an agreement by Eidesvik and its financial institutions to refinance the company’s debt until 2026.
The newly named vessel, Viking Reach, is set to embark on a six-year contract with Reach Subsea during the second quarter of this year. Eidesvik will provide full technical management, crewing, and operation of the vessel, the company said.
Eidesvik Offshore CEO, Gitte Gard Talmo, commented: "Our new financial terms will offer us a solid foundation for growing our business. The acquisition of Edda Sun is part of the company’s growth strategy, and we are pleased to expand our fleet with this highly versatile vessel. We look forward to cooperating with Reach Subsea in this exciting new venture."
Jostein Alendal, Reach Subsea CEO, said: "Eidesvik has been a strategic partner for Reach Subsea for many years, and we are pleased to further strengthen our relationship. We are currently seeing record high activity in the subsea market, and this joint venture represents an important step for us in terms of securing a long-term core fleet portfolio."
Eidesvik and Reach Subsea to acquire Edda Sun