Brief: Reach Subsea: Revised Charter Agreement For Topaz Tiamat

Reach Subsea ASA

09/09/2020 14:04

Sept 9 (Reuters) - Reach Subsea ASA  REACH.OL :
    * REVISED CHARTER AGREEMENT FOR TOPAZ TIAMAT
    * UNDER REVISED AGREEMENT, REACH WILL OPERATE VESSEL FOR
REMAINDER
OF 2020 SEASON ON PAY-AS-YOU-GO TERMS, AND DEMOBILISE FROM
VESSEL BY DECEMBER 2020
    * TOTAL ASSETS WILL BE REDUCED BY APPROXIMATELY NOK 90
MILLION
    * DECONSOLIDATION OF TOPAZ TIAMAT WILL RESULT IN A ONE-OFF
ACCOUNTING GAIN
    * IN ACCORDANCE WITH ORIGINAL CHARTER AGREEMENT, P&O
MARITIME
LOGISTICS WILL PURCHASE LAUNCH AND RECOVERY SYSTEM THAT REACH
HAS INSTALLED ONBOARD TOPAZ TIAMAT FOR APPROXIMATELY NOK 25
MILLION

Source text for Eikon:  ID:nObiQ38lva 
Further company coverage:  REACH.OL 

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