GlobalData offers a comprehensive analysis of Reach Subsea, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Climate change and associated ESG keywords, GlobalData delivers valuable information on Reach Subsea‘s ESG performance. GlobalData’s company profile on Reach Subsea offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Reach Subsea, a subsea services provider, aims to have a fleet consisting of zero-emission vessels by 2030. Reach Subsea has already taken steps to reduce its emissions, including increasing activity within non-O&G segments, market activities towards renewables and other sectors, and reducing fuel emissions of CO2 compared to activity levels. The company has also successfully brought two USVs to market in 2023/24 and increased the use of autonomous and/or remote operations. Reach Subsea has achieved a reduction in emissions per available vessel day from 2021 to 2022, showing its commitment to continuously optimizing the operational profile of its operations. Reach Subsea’s latest filings mentioned the keywords 'Emissions' and 'CO2' most number of times in relation to 'Climate Change'.
Reach Subsea's total CO2 emissions per sold vessel day were 27.86 tons of CO2 equivalents year-to-date compared to 31.88 in 2021 and 37.19 in 2020. The company's total CO2 emissions (Scope 1) were 42,492 tons of CO2 equivalents in 2022 compared to 29,531 in 2021. Reach Subsea is exposed to the expected changes in weather conditions, which pose physical risks related to climate change. The company has identified reducing its emissions, reducing its impact on the sea, and transitioning to renewable energy production as material topics for sustainability reporting.
Reach Subsea plans to establish a system to measure and report scope 2 and scope 3 CO2 emissions. The company aims to consolidate all CO2 emissions from its entire fleet in its reporting and ambitions. Reach Subsea's low-emission, cost-effective subsea services, which will be offered by Reach Remote, are viewed with great interest from both offshore wind farm operators and oil and gas asset owners.
In conclusion, Reach Subsea aims to have a fleet consisting of zero-emission vessels by 2030. The company will thus contribute to driving investments towards newer, cleaner vessels and technological advances to reduce fuel consumption and emissions. By introducing the Reach Remote units, it will also disrupt the entire carbon footprint of its operations by lowering the total energy consumption required from its operations.