Eidesvik Reach has entered into a memorandum of agreement to sell the 2009-built IMR vessel Viking Reach to an undisclosed buyer.

The 85 m vessel is owned by Eidesvik Reach, a joint venture in which Eidesvik Offshore holds a 50.1% interest and Reach Subsea owns the remaining 49.9%.

As part of the transaction, Reach Subsea will separately sell the work-class remotely operated vehicle installed on Viking Reach to the same buyer.

The company said the transaction is aligned with its plan to renew its asset base before new vessels currently under construction enter service over the coming years.

Reach Subsea expects to recognize an accounting gain of approximately NOK 30 million, around €2.7 million, from the WROV sale. It also expects a gain of approximately NOK 40 million from its ownership interest in Eidesvik Reach.

Both gains are expected to be recorded in the fourth quarter of 2026 following completion of the vessel sale, subject to customary conditions.

Including the WROV proceeds and transaction-related dividends from Eidesvik Reach, the total positive liquidity effect for Reach Subsea is expected to exceed NOK 200 million.

Reach Subsea CEO Jostein Alendal said the transaction would release capital and support the company’s fleet renewal strategy. He added that the investment had generated a positive return during the ownership period.

In a separate announcement, Eidesvik Offshore said it expects to record a gain of approximately NOK 80 million from the transaction.

Eidesvik Offshore CEO Helga Cotgrove said the sale was consistent with the company’s focus on fleet renewal and vessel high-grading.

Eidesvik Reach acquired Viking Reach, formerly named Edda Sun, at the beginning of 2023 for approximately €25.5 million.