REACH: Second quarter and first half 2021 report

Skjermbilde 2q2021

Our second quarter and first half 2021 results are out (including webcast presentation).

Haugesund, 17 August 2021: Reach Subsea ASA today published its second quarter and first half 2021 results. The results were presented to the market in a webcast. You can see the webcast here:

Reach Subsea Webcast Q2 2021 (royalcast.com)

Highlights (numbers in brackets are comparative figures from Q2 2020 or first half 2020):

• 2Q 2021 revenue declined 22% to NOK 170 million (NOK 217 million), primarily due to lower number of ROV days and manhours sold compared to the same period last year. First half revenue was NOK 272 million (NOK 296 million)

• 2Q 2021 EBIT was NOK 18 million (NOK 29 million), while pre-tax result was NOK 16 million (NOK 28 million). EBIT for the first six months of 2021 rose 60% to NOK 30 million (NOK 12 million), while pretax result climbed to NOK 27 million (NOK -4 million)

• Order backlog at the close of 2Q 2021 stood at NOK 253 million (NOK 290 million)

• Busy tendering activity during the quarter, good schedule for the third quarter to build upon for the upcoming 2021/22 winter season

• Launch of new innovative subsea service solution, Reach Remote project, postponed to 2023 in order to mitigate risks associated with global supply chain challenges. Significant interest from clients and potential partners across the world • High activity in renewables segment with 33 % and 52% of project days generated from non-oil & gas clients for 2Q 2021 and year-to-date, respectively

• On track to meet the fifteen Sustainability targets set for 2021

You can read or download the full report here.

You can download the presentation here.

“Today we announced the best first-half results in the company’s 13-year history, driven by continued high vessel utilization and successful project execution. Our constant focus on operational excellence and our strong HSEQ focus has proven to be a differentiating factor during the COVID-19 pandemic, as clients increasingly appreciate reliability,” said Reach Subsea’s CEO Jostein Alendal. “We are experiencing positive market development across our segments, with contract awards from significant customers such as BP in the Americas region, bringing our order backlog to NOK 253 million as per end of the second quarter. Going forward, we will make every effort to keep up the good pace by leveraging our flexible asset base, large customer portfolio, strategic partnerships and robust financial profile that enables us to develop the technologies for a low-carbon future.”

For further information, please contact: Birgitte Wendelbo Johansen