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Reach Subsea Receives Statement of Claim for Up to NOK159 Million in Damages

MT Newswires·11/10/2026 00:07:34
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12:07 AM EST, 11/10/2026 (MT Newswires) -- Reach Subsea (REACH.OL) received a statement of claim for damages of up to 158.5 million Norwegian kroner, plus interest, from Norwegian state-owned transmission system operator Statnett. The subsea services company rejected the claim on Monday, citing lack of merit, according to a same-day release. The claim relates to a cable installation contract that Statnett eventually awarded to another bidder. Reach Subsea promised to defend itself in legal proceedings related to the claim.