Eidesvik Reach AS, the joint venture owning the IMR vessel Viking Reach and in which Reach Subsea holds a 49.9% ownership interest, has entered into a Memorandum of Agreement with an undisclosed buyer for the sale of the vessel.
Completion of the transaction is expected in early Q4 2026, subject to customary conditions.
As part of the transaction, Reach will also sell the Work-Class ROV (WROV) onboard Viking Reach to the buyer. Reach expects to recognize an accounting gain of approximately NOK 30 million related to the WROV sale upon completion of the transaction.
In addition, Reach expects to recognize an accounting gain of approximately NOK 40 million related to its ownership interest in Eidesvik Reach AS. Both the WROV gain and the Eidesvik Reach AS gain are expected to be recognized in the fourth quarter of 2026 upon completion of the vessel sale.
The transaction is also expected to have a significant positive liquidity effect for Reach. Including proceeds from the WROV sale, and dividends from Eidesvik Reach AS related to the vessel transaction, the total positive liquidity effect for Reach is expected to be in excess of NOK 200 million.
'The sale of Viking Reach allows us to realize value in a strong second-hand vessel market while advancing our long-term fleet renewal strategy. The investment has delivered an attractive return over our ownership period. The transaction also releases significant capital, strengthening our balance sheet and providing additional flexibility to continue high-grading our asset base and enhancing operational efficiency,' says Jostein Alendal, CEO of Reach Subsea ASA.
Viking Reach has served as an important platform in the Reach fleet for many years. The sale is consistent with Reach's strategic focus on modernizing its asset base ahead of the delivery of new vessels currently under construction and scheduled to enter service over the coming years.
Source: Reach Subsea
