ANNUAL REPORT and SUSTAINABILITY REPORT

bilde årsrapport

Haugesund, 1 April 2022: Reach Subsea ASA has today published its Annual Report and Sustainability Report for 2021.

The annual accounts and reports were approved by the Board of Directors on the 31 March 2022. The numbers are identical to the preliminary 2021 accounts published as part of the Reach Subsea ASA fourth quarter 2021 report published 8 February 2022.

“After a long period of volatility and limited market visibility, our markets are now stabilizing and there is healthy demand across sectors. 2021 was a strong year for Reach Subsea, with 9 percent revenue growth and record-high profits before tax of NOK 73 million. It is very encouraging to see that our business related to renewable energy and other emerging market segments continued to grow well in 2021. At the same time, oil and gas revenue should prove resilient going forward,” said CEO of Reach Subsea Jostein Alendal.

During 2021, Reach Subsea acquired the geophysical monitoring solutions provider OCTIO and the associated company Monviro. In February 2022, Reach Subsea announced the acquisition of the offshore survey company iSURVEY and a strategic partnership with Wilhelmsen New Energy.

“These transactions are extraordinary important for Reach Subsea, as we are deepening Reach’s technology competence, data management and data analytics capabilities and expanding our value chain. They will enable us to take on larger subsea projects on a global scale and fast-track our expansion into emerging new industry,” said Jostein Alendal, and continued:

“The Reach Remote autonomous USV project has made significant progress during 2021 and so far in 2022. The acquisitions and partnership with Wilhelmsen further strengthen the business model and financing for Reach Remote, and we are looking forward to launching the first vessels in 2023. Reach Remote will be a gamechanger for us and the industry, as it will reduce cost for clients with 20-30 percent and reduce emissions with 90-100 percent.

2021 highlights:

  • Record strong annual result driven by high utilization and successful project execution supported by stabilized and improving market conditions
  • High growth in renewables segment during 2021 with 45% (25% in 2020) of project days generated from non-oil & gas clients, driven by major survey projects in the offshore wind sector
  • On track for the delivery of first Reach Remote USVs in 2023, which will significantly reduce cost and carbon footprint of subsea operations
  • Maintained perfect HSEQ reputation through 2021 despite high activity
  • 13 of 15 sustainability goals achieved
  • Acquisitions of OCTIO group and Surveyor AS (previously owned 50%)

As described in the Reach Subsea ASA fourth quarter 2021 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 30 May 2022. The Notice of the Company’s Annual General Meeting will be sent to the shareholders in a separate announcement.

“Reach Subsea ASA Group Annual Report 2021” and “Reach Subsea ASA Sustainability Report 2021” and the company’s annual financial statements in European Single Electronic Format (ESEF) follow enclosed and are also available on the Company’s website.