Reach Subsea ASA – Annual and Sustainability Report 2023

Haugesund, 19 April 2024 – Reach Subsea ASA has today published its Annual and Sustainability Report for 2023.

The annual accounts and reports were approved by the Board of Directors on 15 April 2024. These numbers are identical to the preliminary 2023 accounts published as part of the Reach Subsea ASA fourth quarter 2023 report on 14 February 2024.

2023 marked another step for Reach Subsea. The company saw a tremendous surge in revenue, achieving record high numbers and robust profitability growth across all quarters. Significant milestones included the acquisition of the Viking Reach vessel in collaboration with Eidesvik Offshore, as well as the acquisition of Guardian Geomatics to enhance survey capabilities and entry into the Australian market. During 2023, the Reach Remote unmanned surface vehicles (USVs) have progressed well, transitioning from sketch to steel, including vessel outfitting, development of subsystems, and control centers. Furthermore, we secured a long-term core fleet on favourable terms, a testament to our growing strength and strategic foresight in the ocean space industry

Jostein Alendal, CEO

Reach Subsea is well-positioned in a rapidly growing market driven by high activity in both the oil & gas sector and the accelerating renewable energy sector.

We have a solid growth outlook both short- and long-term. Our order backlog, counted from the start of 2024, is NOK 1.6 billion, 105% 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 cost-effective fleet, including unmanned vessels with over-the-horizon control.

Jostein Alendal, CEO

According to Reach Subsea’s Sustainability report, 70% of the company’s sustainability goals were achieved in 2023.

With ocean services at the heart of our operations, Reach Subsea remains steadfastly committed to the preservation and health of our oceans. Our spreads and services are gaining a larger global footprint, and our capabilities are directly transferrable to the wider ocean space sectors, which are continuously increasing. Recognizing the importance of sustainable practices, we have developed a robust and forward-looking sustainability strategy crucial for attracting talent, customers, and capital. Our ambitions for the future are high, and we are at the forefront of remote operations and robotization within the industry. The impending launch of our first two Reach Remote unmanned surface vessels—set for later this year—exemplifies our dedication to innovation. These vessels are designed to operate with 90 percent lower emissions than traditional models, significantly advancing our and our clients’ goals for achieving net zero emissions

Jostein Alendal, CEO

As described in the Reach Subsea ASA fourth quarter 2023 report, the Board proposes a dividend of NOK 0.36 per share, doubling from last year and in line with the stated policy, to be resolved at the Annual General Meeting on 31 May 2024. The Notice of the Company’s Annual General Meeting will be sent to the shareholders in a separate announcement.

The “Reach Subsea ASA Annual and Sustainability Report 2023” along with the company’s annual financial statements in European Single Electronic Format (ESEF), are available here.

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 Brazil and Australia. 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.