Reach Subsea Expands Fleet: Charter Option Lifted and Two New Constructor ROVs Ordered

Haugesund, 20 March 2024: Reference is made to the 12 February 2024 stock exchange release, where Reach Subsea ASA (“Reach Subsea” or “Reach”) announced a 100 day project charter for the subsea vessel Olympic Taurus, with extension options for 2+1+1 years. Reach Subsea has now extended the charter for an additional 2 years and retain options for another 1+1 years.

With a solid backlog and substantial tender pipeline for the coming periods, we are enhancing our capacity to capitalize on the rapidly advancing global subsea market. Reach Subsea is ideally positioned with a comprehensive service portfolio spanning ocean services and data delivery, catering to both the growing renewables sector and the established oil & gas market

Jostein Alendal, CEO Reach Subsea

Furthermore, Reach Subsea has ordered two new Constructor type ROV’s from Kystdesign AS with delivery in May 2024, and will be financed through our equipment leasing frame agreement. The Constructor is a heavy duty ROV designed for carrying and operating large tools and modules and has a depth rating of 3000m. Following delivery the ROVs will be mobilised onto the Reach Subsea fleet and will expand our subsea service capacity into the 2024 season.

The addition of the two new Constructor ROVs not only enhances our fleet’s flexibility but also bolsters our capability to efficiently execute a diverse range of underwater tasks. These cutting-edge ROVs seamlessly integrate into our existing portfolio of assets, further solidifying our position to effectively address the demands of our clients. Their advanced technology and robust design align perfectly with our commitment to deliver high-quality services and meeting the evolving needs of our clients across various industries

Jostein Alendal, CEO Reach Subsea

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.