Record result, proposed dividend of NOK 0,15 per share

Record result, proposed dividend of 0,15 per share

Highlights from the 4Q and preliminary full year 2020 report:

• Best 4Q and annual result in Reach Subsea’s history despite challenging market
and operating conditions, driven by high utilization and successful project
• New innovative subsea service solution, Reach Remote, recently announced. The
solution will significantly reduce cost and virtually eliminate carbon footprint
when brought to market in 2022.
• High growth in renewables segment during 4Q2020 with 57%(15% in 4Q2019) of
revenue generated from non-oil & gas clients, driven by major survey projects in
the offshore wind sector.
• 4Q 2020 EBITDA was NOK 60.8 million compared with NOK 31.3 mill in 4Q2019,
while pre-tax result was NOK 14.2 million (NOK -24.8 million).
• EBITDA for the full year of 2020 was NOK 267.2 million (NOK 171.4 million),
while pre-tax result was NOK 43.1 million (NOK – 35.7 million).
• The Board proposes a dividend of NOK 0.15 per share, in accordance with the
company’s dividend policy, to be resolved at the AGM on 26 May 2021.
• Busy tendering activity during the quarter, despite market turbulence, 550
project days secured for 2021.

The full report can be downloaded HERE

An updated company presentation with the quarterly results can be downloaded HERE


For further information, please contact:
Birgitte Wendelbo Johansen (CFO)