Haugesund, 05 May 2026 – Reach Subsea ASA today announced its first‑quarter 2026 results. Revenue for the quarter totalled NOK 551.4 million (compared to NOK 699 million in Q1 2025), while EBIT came in at NOK -192.1 million (compared to NOK 68 million same quarter last year).
The weaker quarter was mainly driven by continued low utilisation of assets, increased depreciations, and some unfavourable operational events.
Download report and presentation here:
Reach Subsea ASA 1Q 2026 Report
Reach Subsea ASA 1Q 2026 Presentation
We are not satisfied with the results of this quarter. While the softer performance reflects a challenging quarter our key priority going forward is to ensure that activity levels translate more directly into utilisation and earnings.
Jostein Alendal, CEO of Reach Subsea
Operationally, activity has improved after the quarter, with all vessels now in operation.
Subsequent to the quarter, Reach was awarded a landmark 2+1 year IMR letter of intent. Once finalised, this will add long‑term backlog and represents an important milestone for Reach. The agreement adds a layer of financial predictability that the company has not had before and strengthens visibility beyond the typical short‑term order book.
Reach Subsea remains firmly committed to transforming the subsea industry through robotisation and remote operations. The Reach Remote concept is now in stable commercial operation across multiple geographies, with more than 600 remote operational days delivered and regulatory approvals secured across key markets.
With Reach Remote now demonstrating consistent operational and commercial performance, we are moving from validation into a scaling phase. As part of this development, we have initiated the process of establishing Reach Remote as a standalone company to enable focused growth and long‑term value creation.
Jostein Alendal, CEO of Reach Subsea
The company’s order backlog remains sound, supported by strong tender activity and increasing demand for unmanned and remote‑enabled IMR services.
1Q 2026 highlights:
- Weaker 1Q than last year, driven by continued low utilisation of assets, increased depreciations, and some unfavourable operational events.
- Reach Remote strengthened its market position in the first quarter through the award of key contracts, reinforcing customer confidence in remote and uncrewed operations.
- Reach Remote being established as a stand-alone company, enabling the pursuit of a rapid scale-up strategy.
- Awarded a landmark 2+1 year IMR and light construction letter of intent after quarter end, will give a substantial increase in order backlog once finalized.
-ENDS-
Quarterly presentation
Reach Subsea’s CEO Jostein Alendal and CFO Arne Joa will host a webcast presentation of the results in English today at 9:30 CEST.
Questions may be submitted during the presentation through the webcast player.
Webcast link: https://qcnl.tv/p/S_zINNF65tBsygKUq1s5Lw
The report and presentation will be made available at https://reachsubsea.no and www.newsweb.no.
Download report and presentation here:
Reach Subsea ASA 1Q 2026 Report
Reach Subsea ASA 1Q 2026 Presentation
A recorded version of the presentation will be available after the live stream is concluded.
For more information please contact:
Arne Joa
Chief Financial Officer
Reach Subsea ASA
arne.joa@reachsubsea.no
About Reach Subsea
Reach Subsea delivers its services through a versatile fleet of vessels, including survey, IMR, construction support, and remote vessels. Our teams operate worldwide, providing inspection, maintenance, construction support, survey and data services across multiple industries, supporting clients throughout every stage of their project lifecycles. Our offshore teams are powered by advanced ROV technology and backed by onshore engineering expertise, turning complex ocean challenges into reliable solutions. With over 500 skilled professionals and offices in Norway, Sweden, the UK, the US, Brazil, Trinidad, Australia, and Singapore, our vision—’Sustainable access to ocean space’—drives safe, innovative, and sustainable subsea operations.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Jorunn Håvardsholm, Communications and Marketing Director at Reach Subsea AS on the time and date provided.