Eidesvik Reach, a joint venture in which Reach Subsea holds a 49.9 per cent ownership interest, has signed a memorandum of agreement with an undisclosed buyer to sell the IMR vessel Viking Reach.
Completion of the transaction is expected in the early fourth quarter of 2026, subject to customary closing conditions.
As part of the transaction, Reach Subsea will also sell the work-class remotely operated vehicle (ROV) onboard Viking Reach. The company expects to recognise an accounting gain of approximately NOK30 million ($2.8 million) from the ROV sale upon completion.
Reach Subsea also expects to recognise an accounting gain of approximately NOK40 million ($3.7 million) related to its ownership interest in Eidesvik Reach following completion of the vessel sale.
According to the company, the transaction is expected to generate a total positive liquidity effect exceeding NOK200 million ($18.6 million), including proceeds from the ROV sale and dividends from Eidesvik Reach.
Chief Executive Officer Jostein Alendal said the sale enables the company to realise value in the strong second-hand vessel market while supporting its long-term fleet renewal strategy. He added that the divestment releases capital to strengthen the balance sheet and provide flexibility as new vessels currently under construction enter service in the coming years.