2nd quarter 2013 report

Published: August 20, 2013

Quarterly report for Reach Subsea ASA

HIGHLIGHTS

– Private placement successfully closed

– The Company prepared offshore operations

– New contracts, including the vessel Bourbon Emerald

– Survey joint venture

Revenue in the quarter was NOK 1.54 million and is

primarily income from consulting services under

existing framework agreements. Total income for the

first half year is NOK 2.7 million.

Expenditures related to operations of the company are

NOK 7.2 million. The increase from the same period

last year is mainly due to a higher number of

employees and increased activity. As mentioned above,

the company  completed a private placement in the

second quarter with a total cost of NOK 4.5 million,

of which NOK 3.9 million are capitalized. Total

operating expenses for the first half year are NOK

11.2 million.

The Group reported a loss before tax of NOK 5.1

million in the second quarter and NOK 7.7 million in

total for the first half year. This is according to

the forecast and reflects that the company is in a

development phase that will give its first revenues

from offshore operations in the third quarter.

For further information, please contact:

Birgitte Wendelbo Johansen, Chief Financial Officer

Phone: +47 99 45 12 79

 

The full report can be found on the Investor-pages.