EQNR Awards Reach Subsea for Development of NCS Using Reach Remote 1

Equinor ASA EQNR has awarded Reach Subsea two new contracts under an existing framework agreement. The work will be carried out on the Norwegian Continental Shelf (“NCS”) and will focus on subsea operations using the uncrewed surface vessel (USV) Reach Remote 1 (RR1).

Together, the two contracts cover gas reservoir monitoring and subsea inspection, maintenance and repair (IMR) of the NCS, bolstering the use of remote and autonomous offshore technologies.

The first contract order focuses on monitoring the gas reservoir at the Troll field, with scope for additional survey services. Reach Subsea will deploy its in-house gWatch technology for this campaign. The solution is currently used across several Norwegian gas assets.

The second contract involves inspection, maintenance and repair work across multiple offshore subsea assets. Execution will rely on a remotely operated vehicle launched from RR1. The project will also incorporate tools tailored for autonomous operations.

With the latest additions, Equinor’s total contracts involving RR1 have reached three. With projects planned back-to-back, the vessel is likely to operate at high capacity through the second and third quarters of 2026. Project preparation and planning commence immediately, with offshore deployment scheduled for the second and third quarters of 2026. These awards strengthen the collaboration between EQNR and Reach Subsea.

EQNR, currently sporting a Zacks Rank #1 (Strong Buy), is enjoying a favorable business environment with West Texas Intermediate crude prices trading above $110 per barrel, according to Oilprice.com, as it has a presence in the upstream operations. Forecasts from the U.S. Energy Information Administration point to a price increase in 2026 from 2025 levels, supporting a favorable business environment for upstream players like Eni S.p.A. E, Chevron Corporation CVX and OMV Aktiengesellschaft OMVKY.

Since 2014, discoveries by Eni have surpassed 11 billion barrels of oil equivalent, with about 900 million barrels of oil equivalent added in 2025. Eni added 167% more oil and gas reserves than it produced in 2025 and has sufficient proven reserves to continue production for about 11 years at current rates. E flaunts a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron, headquartered in Houston, TX, boasts resilient upstream assets that helped it achieve record production in the fourth quarter of 2025. CVX also sports a Zacks Rank #1 at present.

OMV Aktiengesellschaft’s upstream portfolio is spread across Mediterranean, Norway, Central and Eastern Europe (CEE), and North Africa. In 2025, OMVKY achieved production of 305,000 barrels of oil equivalent per day from these assets. OMVKY also sports a Zacks Rank #1 at present.

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