Annual Report and Sustainability Report 2022

Haugesund, 31 March 2023

Reach Subsea ASA has today published its Annual Report and Sustainability Report for 2022.

The annual accounts and reports were approved by the Board of Directors on the 28 March 2023.
The numbers are identical to the preliminary 2022 accounts published as part of the Reach Subsea ASA fourth quarter 2022 report published 14 February 2023.

2022 was a tremendous year for Reach Subsea. Not only did we reach record high revenue and operation profit, but we also broadened our offering through the successful integration of iSurvey and Octio, secured a long-term core fleet on highly attractive terms, strengthened our balance sheet, entered a strategic partnership with Wilhelmsen and advanced our Reach Remote project, which is bringing us into the robotic future.

Jostein Alendal, CEO

Reach Subsea is well positioned in a rapidly growing market driven by high activity in the oil & gas sector as well as an accelerating green energy transition.

We have a solid growth outlook both short- and long-term. Our order backlog, counted from the start of 2023, is NOK 780 million, 7 times higher than one year earlier. With a complete subsea offering and state of the art technology, we are ready and able to capture the market opportunities with a renewed and cost-effective fleet

Jostein Alendal, CEO

According to Reach Subsea’s Sustainability report, 14 of the company’s 16 sustainability goals were achieved in 2022.

As a company working on and below our beautiful oceans with a significant oil & gas related activity, a credible and ambitious sustainability strategy is essential to be able to attract talent, customers, and capital. Our ambitions for the years to come are high, and we are proud to be one of the leading forces in the industry when it comes to remote operations and robotization. Our two first Reach Remote unmanned surface vessels are expected to be launched towards the end of this year. With 90 percent lower emissions than a traditional vessel, Reach Remote will be a strong contributor to the net zero emission goal both we and our customers are working towards

Jostein Alendal, CEO

As described in the Reach Subsea ASA fourth quarter 2022 report, the Board proposes a dividend of NOK 0.18 per share, in accordance with the company’s dividend policy, to be resolved at the Annual General Meeting on 31 May 2023. The Notice of the Company’s Annual General Meeting will be sent to the shareholders in a separate announcement.

For more information please contact:
Birgitte Wendelbo Johansen
Chief Financial Officer Reach Subsea ASA

About Reach Subsea:
Reach Subsea ASA Group offers high quality solutions and technology to clients in need of ocean data and services. Services are offered out of our head office in Haugesund as well as from our subsidiaries and branches located across Norway, US, UK, Cyprus, Singapore, Trinidad and Brazil. The Group’s objective is to be a preferred partner and full-service provider of ocean services for clients, focusing on safety, environment, financial solidity and profitability. Our vision “Sustainable access to ocean space” underpins our commitment to the development of sustainable solutions, with stakeholder groups key interests in focus.

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. The information was submitted for publication by CFO Birgitte Wendelbo Johansen, on behalf of the Company at the date and time set out above.