Reach Subsea and Eidesvik deliver IMR vessel Viking Reach

A joint venture between Reach Subsea and Eidesvik Offshore has successfully completed the sale of the inspection, maintenance and repair vessel Viking Reach. As reported by Navingo BV, the 2009-built, 85-metre-long vessel was delivered to its new owners on October 26. The transaction follows a memorandum of agreement signed in August with an undisclosed purchaser. The vessel, formerly known as Edda Sun, was acquired by the joint venture at the start of 2023 for a total purchase price of approximately €25.5 million. The deal also included the transfer of the onboard work-class remotely operated vehicle.

The selling entity, Eidesvik Reach, is structured with Eidesvik Offshore holding a 50.1% interest, while Reach Subsea maintains a 49.9% stake. Following the completion of the sale, the vessel is reportedly departing for the Mediterranean to begin its next period of service. The transaction was finalised in line with the terms previously disclosed by the parties involved. Both companies have provided guidance regarding the anticipated financial impact of the divestment, highlighting significant gains expected from the disposal of both the vessel and the associated subsea equipment.

Reach Subsea has indicated that it expects to recognise an accounting gain of approximately NOK 30 million specifically related to the sale of the work-class remotely operated vehicle. Additionally, the company anticipates a further gain of roughly NOK 40 million linked to its ownership interest in the Eidesvik Reach joint venture. Meanwhile, Eidesvik Offshore has separately reported that it expects to realise a gain of approximately NOK 80 million from the transaction. These financial results reflect the completion of the sale process as the vessel transitions to its new operators under the terms of the agreement.