Haugesund, 8 April 2025 – Reach Subsea ASA has today published its Annual and Sustainability Report for 2024.
The annual accounts and reports were approved by the Board of Directors on 8 April 2025. These numbers are identical to the preliminary 2024 accounts published as part of the Reach Subsea ASA fourth quarter 2024 report on 12 February 2025.
CEO Letter
As we move further into 2025, we look back at 2024 in a world that continues to shift — geopolitically, economically, and environmentally. Uncertainty seems to be the new constant. But through it all, we at Reach Subsea have remained focused on what we do best: delivering high-quality subsea services that enable access to ocean space in a sustainable and forward-leaning way.
2024 was a year of solid progress. We continued to grow our operations and strengthen our position in key markets, supported by a dedicated team and a clear strategy.
Once again, we are breaking records – delivering solid revenues of NOK 2.7 billion in 2024 and an EBIT of NOK 364 million. Over the past two years, we have more than doubled our revenues while maintaining strong and consistent EBIT margins.
Our investments in innovation, including the continued development of Reach Remote, reflect our commitment to leading the industry toward safer, more efficient, and low-emission offshore operations. Going forward our fleet includes a mix of conventional subsea vessels, remote-controlled vehicles, and unmanned surface vessels (USVs), ensuring we have the capacity, but also the flexibility, to meet the demands of an evolving subsea industry.
In this year’s annual report, you will notice a refreshed layout for our sustainability reporting, reflecting the initial steps we have taken toward aligning with the ESRS standard. While the EU’s “omnibus package” will impact the requirements one way or the other, we have chosen to proactively continue strengthening our reporting structures. This reflects our commitment to transparency, responsibility, and staying ahead of evolving regulatory requirements — not just to comply, but to drive better performance and more sustainable operations.
This year also brought important milestones in how we work as a group. Through organic growth and integration of acquired companies we have welcomed several new members to Reach Subsea, and we continue to build a strong, unified company culture — one that reflects our values of Learn, Teach, Reach. Our one-company vision is more than just a concept; it is becoming a reality.
We have seen strong engagement across the organisation, and I am proud of how our teams — both offshore and onshore — have delivered. Our offshore specialists, ROV crews, survey and monitoring personnel, engineers, and project support staff all contribute to making Reach Subsea a trusted partner for our clients and a meaningful place to work for our people.
As we move further into 2025, we carry momentum, but we do not take anything for granted. We will keep learning, keep adapting, and keep reaching — together. Thank you to our clients, partners, shareholders, and most of all, our employees. Let’s continue building a sustainable future.
Jostein Alendal
CEO, Reach Subsea ASA
For more information please contact:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.no
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.
TILBAKE