4th quarter report 2013

Published: February 25, 2014

Please find enclosed consolidated report for the
fourth quarter 2013 for Reach Subsea ASA.

HIGHLIGHTS

* REACH completed the planned offshore operations
with Bourbon Emerald in the fourth quarter.
REACH signed a 2 year contract + 2 yearly options to
extend with DOF Subsea for provision of the vessel
Normand Reach with ROVs and offshore personnel.
Commencement of operation is expected in June 2014.
* REACH took delivery of two complete Kystdesign
Supporter ROV systems, extending the ROV pool to 4
systems.  After completion of an upgrade/refit
program the added ROV systems are expected to be
operational in March 2014, in time for the main
offshore season. Further, with the Surveyor ROV,
which is being manufactured, the Group expects to
have 5 operational ROV systems by summer 2014.
* As reported in previous quarterly reports,
commencement of work for one of the major contracts
was postponed to 2014. This postponement combined
with a weak spot market, caused a negative result for
the quarter.
* REACH’s orderbook is per February 2014 in excess of
NOK 400 million of which NOK 150 million relates to
work in 2014.
* REACH has had a substantial increase in tender
activity with outstanding tender value for 2014 work
of approximately NOK 400 million.

For information, please contact:
Birgitte W Johansen (CFO): +47 99 45 12 79
www.reachsubsea.no

 

The full report can be found on the “Investor”-pages