Eidesvik, Agalas, and Reach Subsea Collaborate on New Construction Support Vessel

Norwegian offshore vessel owner Eidesvik has joined forces with compatriots Agalas and Reach Subsea for the construction of a new construction support vessel (CSV) at the Sefine Shipyard in Turkey.

The purpose-built vessel is designed to conduct inspection, maintenance, and repair (IMR) work and bears resemblance to the methanol dual-fuelled unit that Eidesvik currently has under construction at the same yard in partnership with Agalas.

Anticipated to be delivered in spring 2027, Eidesvik will oversee the management of the vessel, which will be chartered to Reach for an initial five-year period, with the option to extend for two additional one-year terms.

In this joint venture, Eidesvik and Agalas will hold the majority ownership of the vessel, while Reach will have a one-third stake in the project.

This collaboration marks the second newbuild project that the three companies have embarked on together, with the first vessel scheduled for delivery in early 2026.

CEO of Reach Subsea, Jostein Alendal, emphasized the importance of vessel capacity for long-term growth, stating, “While long-term charter agreements remain our primary business model, we recognize the significant value in establishing co-ownership of key assets to support our long-term strategy.”

Although the financial details of the new unit were not disclosed, Eidesvik revealed that the project will be funded through a combination of equity from shareholders and approximately 70% debt financing from Sparebank 1 Nord-Norge, Sparebank 1 SMN, and Eksfin.

With a fleet of 15 offshore support vessels, including newbuilds and managed units, Eidesvik plans to utilize cash reserves for its share of equity in the new vessel, highlighting the company’s commitment to fleet renewal and sustainability.

CEO of Eidesvik, Helga Cotgrove, expressed satisfaction with the collaboration, stating, “Adding another newbuild vessel not only supports fleet renewal but also enhances our scale with a low-emission, versatile vessel. We are delighted to strengthen our partnership with existing allies, in alignment with our strategic goals, to drive shareholder value.”