Reach Subsea ASA – Q4 2023 Record high numbers and strong outlook

Haugesund, 14 February 2023: Reach Subsea ASA, offering high quality solutions and technology to clients in need of ocean data and services, today published its fourth quarter 2023 results with solid revenue and profitability growth. Revenue for the quarter grew by 45 percent to NOK 474 million, whereas EBIT grew by 130 percent to NOK 79.5 million. Revenue for the full year 2023 was NOK 1,996 million with an EBIT of 332 million which gives an EBIT margin of 17 percent.

The fourth quarter of 2023 was record-breaking for Reach Subsea and so was the entire year of 2023. Whilst we are pleased to take our revenues to the NOK 2 billon level, even more satisfactory is our ability to continue to deliver increased margins along with the growth. We have now experienced robust revenue growth for ten straight quarters. We are progressing towards the next level in terms of size, and the outlook appears exceptionally robust.

Jostein Alendal, CEO of Reach Subsea

Reach Subsea is continuously ramping up its capabilities and capacity to be able to benefit from the strong market. With a steady focus on increasing its spreads and its service capabilities as well as introducing new technology relevant for a wide range of ocean space markets globally, the company is well positioned for the years ahead. This is also underpinned by a substantial growth in orderbook which grew by 62 percent compared to the last quarter of 2022.

Reach Subsea has during the past years increased its service deliveries to the renewable markets and global markets. The acquisition of Guardian Geomatics was an important step in obtaining access to the Australian market and world-leading survey capabilities. The Australian market also serves as an important platform for the Reach Remote

We are experiencing a high organic growth potential in the foundation we have set the past years. Our spreads and services are gaining a larger global footprint, and our capabilities are directly transferrable to the wider ocean space sectors. Combined with introducing new technologies to service these markets we are very optimistic for the years ahead

Jostein Alendal, CEO of Reach Subsea

The first two USV’s, named Reach Remote, are expected to be ready for commercial projects this year. Vessel outfitting, development of subsystems and control centers are progressing well. The testing of subsystems is starting now in February and the extensive full-scale testing, certification, and client verification will start later in the spring.

With Reach Remote, we are taking a leading position in marine robotics, and we are very excited about launching these vessels this year. A launch that is slightly later than first anticipated but at no surprise and with no major consequences.

Jostein Alendal, CEO of Reach Subsea

Q4 2023 highlights (2022 figures in brackets):

  • A record year and 4Q on all parameters driven by growth, improved pricing, and strong project execution, producing a strong ROE of 30%.
  • The Board will propose a dividend per share of NOK 0.36, a doubling from last yearand in line with the stated policy
  • All time high turnover and profits for the full year 2023
  • EBIT for 4Q2023 was NOK 79.5 million (NOK 34.6 million), while pre- tax result was NOK 81.2 million (NOK 18.9 million).
  • EBIT for the full year 2023 was NOK 331.8 million (NOK 105.3 million), while pre-tax result was NOK 289.5 million (NOK 98.0 million).
  • Strong outlook as evidenced by record high backlog of NOK 1.2 billion (NOK 740 million) and tender volume of NOK 8.0 billion (NOK 2.5 billion).
  • After quarter end: Secured new tonnage to meet an expected strong market in 2024 and beyond across all sectors.


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:

The report and presentation will be made available at and

Q4 Report
Q4 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  

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, Marketing and Communications Manager at Reach Subsea ASA on the time and date provided.