Norwegian offshore vessel owner Eidesvik has teamed up with compatriots Agalas and Reach Subsea for another construction support vessel (CSV) newbuild at the Sefine Shipyard in Turkey.
The vessel has been designed to perform inspection, maintenance and repair (IMR) work and is similar to the methanol dual-fuelled unit Eidesvik currently has under construction together with Agalas at the same yard.
Delivery is expected in spring 2027. Eidesvik will manage the vessel, which will be chartered to Reach for five years with two one-year extension options attached.
The Eidesvik-controlled venture with Agalas will be the vessel’s majority owner, while Reach will hold a one-third stake.
The trio also linked up for the first newbuild with planned delivery in early 2026.
“Vessel capacity for long-term growth is crucial for us. While long-term charter agreements remain our primary business model, we recognise the significant value in establishing co-ownership of key assets to support our long-term strategy,” said Jostein Alendal, CEO of Reach Subsea.
The price of the new unit was not revealed, but Eidesvik said the project will be funded through a combination of equity from shareholders and around 70% debt financing from Sparebank 1 Nord-Norge, Sparebank 1 SMN and Eksfin.
The Oslo-listed company, which now counts 15 OSVs including newbuildings and managed vessels, said its share of equity will come from cash on hand.
“Adding another newbuild is providing fleet renewal and adding scale with a low emission, versatile vessel. We are pleased to further continue our strong collaboration with existing partners. This is in line with our strategy, and builds shareholder value,” remarked Helga Cotgrove, CEO of Eidesvik.
