Haugesund, 22 March 2022:

Reference is made to previous announcements by Reach
Subsea ASA (“Reach” or the “Company”) on 17 February 2022 regarding the
acquisition of the offshore survey company iSurvey for NOK 135 million, as well
as the resolution made by the Company’s extraordinary general meeting held on 15
March 2022 approving the related share capital increase by issuance of
consideration shares.

The parties have today initiated closing of the acquisition, and has as part
thereof completed the subscription of and payment (in kind through set-off) for
the 33,846,153 consideration shares to be issued. The only remaining step of the
acquisition is now registration of the share capital increase with the Norwegian
Register of Business Enterprises (Nw.: Foretaksregisteret). Following such
registration, the new share capital of the Company will be NOK 178,786,861,
divided into 178,786,861 shares, each with a nominal value of NOK 1.

It is with great pleasure we present this first picture of managers from Reach, Octio, Monviro and iSurvey taken during our “Post-merger Integration Plan Workshop” held in Haugesund in March.

Reach Subsea ASA Management
Reach Subsea, iSurvey, Octio and Monviro managers and colleagues