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Reach Subsea: OCTIO awarded a multi-year 4D geophysical monitoring frame contract offshore Australia
2022-08-04 10:40:08
Reach Subsea: OCTIO awarded a multi-year 4D geophysical monitoring frame
contract offshore Australia
Haugesund, 04 August 2022: OCTIO, a subsidiary of Reach Subsea ASA ("Reach"),
has secured a multi-year geophysical monitoring frame contract with an operator
offshore Australia.
OCTIO will deploy the proprietary gWatch service to deliver gravimetry and
seabed subsidence measurements.
"This is an international breakthrough for OCTIO and we welcome this opportunity
to work with a new client. We look forward to deploying our cost-efficient
gWatch service and supporting the client to maximize gas production sustainably.
The Australian monitoring contract is another strong credential for the
attractivity of the OCTIO offering, and we are experiencing significant interest
also from other operators worldwide" said Leon Løvheim, CEO of OCTIO.
OCTIO will provide technical support for the survey and monitoring planning for
the gas fields over the next 18 to 24 months and will conduct the baseline
survey in late 2024. The frame contract is valid until 2025, with two three-year
extensions up to 2031.
"Reach Subsea acquired OCTIO in December 2021, and together with the acquisition
of iSURVEY in early 2022, it provides Reach Subsea with a complete offering for
offshore monitoring and surveying. With OCTIO's and iSURVEY's competent teams
and unique technologies, we can serve offshore customers with cost efficient and
accurate seabed monitoring data with short lead times," said Jostein Alendal CEO
of Reach Subsea, and continued:
"The market is strong, and it is great to offer complete and attractive
solutions through the whole value chain of offshore services for our customers
within the renewable energy sector as well as traditional oil and gas. Next year
we will strengthen our offering further with the launch of the extremely cost
and climate friendly unmanned Reach Remote offshore vessel system. The OCTIO
technology is perfectly suited for efficient deployment with Reach Remote."
OCTIO in short:
o Subsidiary of Reach Subsea ASA, after the acquisition from Equinor Venture in
December 2021
o Provides flexible and smart geophysical monitoring solutions for hydrocarbon
producing fields offshore. Our monitoring methods are tailored to optimally fit
every specific project, are cost-effective and don't require large upfront
investments.
o OCTIO's services are complete, covering all the phases required to convert
geophysical data into value for our clients. OCTIO performs the geophysical
studies that lead to overall monitoring strategies