Reach Subsea ASA – Obtaining strong Australian market access and world-leading survey capabilities by acquiring Guardian Geomatics

Haugesund, 06 October 2023: Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, has entered into an agreement to acquire 100 percent of the shares of the Australian marine survey company Guardian Geomatics PTY. LTD.

I am extremely happy to welcome Guardian Geomatics into the Reach Subsea family. With Guardian’s market position in Australia, extremely experienced team and excellent proprietary surveying and data processing technology platform, the acquisition accelerates our strategic global expansion agenda and opens new doors for us in Australia and the Asia Pacific markets. Guardian Geomatics’ existing survey business is highly attractive, and as part of Reach Subsea, the company will serve as an enabler for launching our unmanned Reach Remote platform in Australia and other global markets

Jostein Alendal, CEO

Key strategic benefits of the transaction:

  • Adding significant survey software and hardware applicable for the global market
  • Providing established market access to the Australian and Asia Pacific markets
  • Strengthened offering within construction, as well as inspection, maintenance, and repair (IMR) both in existing and new markets.
  • Significant synergy potential related to cross sale opportunities and due to complementary peak seasons, which allows for optimal resource utilization. No overlap with existing operations
  • Well-established and highly profitable existing business
  • Platform for the introduction of Reach Remote robotics in the Australian oil & gas and renewables markets
  • Adding a highly competent team with vast experience from the surveying industry

Guardian Geomatics was established in February 2018 by a group of industry experts with vast industry experience from among other places Fugro. The company has been highly successful since the launch. In FY 2023 (fiscal year ending 30 June), revenues reached AUD 41.7 million, a growth of 96 percent compared to FY 2022. 2023 EBITDA was AUD 6.2 million, a growth of 41 percent.

Guardian Geomatics offers a variety of marine survey solutions to the oil and gas industry, and Government sector clients. These include geographical, hydrographic, oceanographic and environmental surveys. In addition, Guardian conducts geotechnical site Investigations, positioning and ROV Services, as well as providing prime contracting and consulting services. The business is highly complementary to Reach Subsea’s existing operations and offers significant synergies with Reach Subsea.

Founders and current shareholders of Guardian Geomatics, Steve Duffield and Paul Kennedy are still fully engaged in the company.

We are excited to become a part of Reach Subsea, which is renowned as an innovative and successful player in the industry. We are impressed with Reach Subsea’s growth strategy, and we see important complementary capabilities of the two companies. This acquisition will permit the continued business growth and development of uncrewed technologies and will be a cornerstone of the offshore industry into the future

Paul Kennedy, Managing Director Gurardian Geomatics

There is no overlap with Reach Subsea’s survey division today and Guardian Geomatics will strengthen our offering significantly, especially in the fields of unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), reporting and high spec survey delivery. Further, Guardian will play a vital role in the execution of our eight-year monitoring contract in Australia. The combination of Reach and Guardian is a perfect example of how two plus two becomes more than four

Jostein Alendal, CEO

Key terms:

  • Reach Subsea purchases 100 percent of the shares in Guardian Geomatics with expected closing during November 2023.
  • The purchase consideration paid to selling shareholders will consist of approximately 16 million new shares in Reach Subsea ASA, plus AUD 5.5 million in cash to be paid one year after the closing date. The exact number of consideration shares to be issued will be determined on the closing date.
  • The consideration shares issued to selling shareholders are subject to a 4-year lock-up structure, whereby 25% of the shares are released on each anniversary.
  • The transaction is subject to certain customary closing conditions

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 and Brazil. 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.