Rem Offshore Secures New Contracts Worth $140 Million, Doubling Backlog

Norway-based Rem Offshore (OSE: REM) has announced new long-term contracts worth US $140 million (NOK 1.5 billion), doubling the offshore vessel supplier’s contract backlog.

Rem Inspector has been awarded contracts for offshore wind projects in Taiwan, with a total duration of just over 1 year starting in Q4 2023. The subsea vessel, built in 2013, has been involved in gangway services and commissioning of offshore wind farms since 2019.

The subsea vessel Rem Saltire has secured a 2-year contract for global node seismic and ROV services with an international seismic supplier.

Rem Mira has extended its contract with Serica Energy until Q4 2026, while Rem Insula and Rem Cetus have extended their contract with Apache until Q1 2025. The supply vessels will continue to support their charterers’ operations on the UK continental shelf.

Rem Star and Rem Art have extended their contracts with Equinor ASA for 2 years and have ongoing contracts until 2025. The vessels will support operations on the Norwegian continental shelf. There are still 3 annual options available after 2025.

Rem Offshore said the contracts will ensure high fleet utilization in the coming years and brings the company’s total backlog to NOK 3 billion.

“It is gratifying to note that the contracts reflect both today’s market and the range of services we can offer to our good customers,” says CEO Lars Conradi Andersen. “We are solidly positioned in several segments with a modern and environmentally friendly fleet, and in combination with great effort from our employees, we continue to be a preferred shipping company.”

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