Haugesund, 08 May 2024: Reach Subsea ASA, today published its first quarter 2024 results, once again marked by solid revenue and profitability growth. Revenue for the quarter grew by 146 percent to NOK 575 million, whereas EBIT reached NOK 29 million.
Download report and presentation here:
Reach Subsea ASA Q1 2024 Report
Reach Subsea ASA Q1 2024 Presentation
The first quarter of 2024 proved to be another record-breaking period for Reach Subsea and underscoring our consistent growth in alignment with our strategic objectives. We are proud to report increased margins alongside our expansion, capitalizing on the infrastructure, vessels, assets, technology, and expertise cultivated over the past few years
Jostein Alendal, CEO of Reach Subsea
Dedicated to advancing robotization within the subsea sector, Reach Subsea achieved a significant milestone this quarter with the successful sea-launch of the Reach Remote USV. With two USVs slated for launch this season, the company boasts a robust pipeline of national and international projects that will suit these cutting-edge vessels well.
In addition to the Reach Remote debut, Reach Subsea is already harnessing the capabilities of smaller-scale USVs of the Drix type. The initial Drix USV has proven its worth by completing over 25,000 km of high-precision hydrographic survey lines. Strengthening their fleet, the company recently invested in a second Drix USV to support ongoing large-scale projects.
While demand remains robust across various market segments, we remain committed to investing in our traditional subsea services. Leveraging Remote Services enhances our capacity and serves as an ideal complement to meet the escalating demand and rapid expansion of market segments
Jostein Alendal, CEO of Reach Subsea
Furthermore, Reach Subsea’s order backlog continues to swell, reaching an impressive NOK 1.3 billion, a solid increase of 60 percent compared to the first quarter 2023. Significantly, the volume of tenders has now surged to NOK 10 billion, a substantial increase from the NOK 2.7 billion reported in the first quarter of 2023, highlighting the escalating market demand.
We are capitalizing on strong market demand and executing strategic initiatives with precision. The progress we have achieved is tangible, and we remain steadfast in our commitment to continued profitable growth
Jostein Alendal, CEO of Reach Subsea
Q1 2024 highlights (2023 figures in brackets):
- A record 1Q in terms of activity level and operating results driven by growth, improved pricing, and strong project execution.
- EBIT for 1Q2024 was NOK 28.7 million (NOK -8,4 million), while pre-tax result was NOK -8.9 million (NOK 5.6 million).
- Strong outlook as evidenced by record high backlog of NOK 1.3 billion (NOK 815 million) and tender volume of NOK 10 billion (NOK 2.7 billion).
-ENDS-
Quarterly presentation
Reach Subsea’s CEO Jostein Alendal and CFO Birgitte Wendelbo Johansen 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://channel.royalcast.com/landingpage/hegnarmedia/20240508_15/
The report and presentation will be made available at https://reachsubsea.no and
www.newsweb.no.
Download report and presentation here:
Reach Subsea ASA Q1 2024 Report
Reach Subsea ASA Q1 2024 Presentation
A recorded version of the presentation will be available after the live stream is concluded.
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.
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 ASA on the time and date provided.