Reach Subsea ASA – Significant contract award

22 Nov 2022 11:40 CET

Haugesund, 22 November 2022: Reach Subsea ASA, the trusted data and subsea
service provider for ocean-based industries, has today signed a conditional LOA
for a significant project in West Africa (WAF), through which Reach Subsea will
be a sub-contractor to a major tier-one contractor.

The assignment encompass support for installation and anchoring of an offshore
unit, which implies a valuable broadening of Reach Subsea’s spectrum of
services. Included in the scope are significant survey and positioning tasks to
be undertaken by Reach Subsea subsidiary iSurvey. The project will be initiated
towards late Q1 2023, and is expected to last well into Q2 2023.

With this cLOA, and including several other recent contract awards and
extensions, Reach has won contracts with an expected value of approximately NOK
300 million in the period since the Q3 2022 report.

“We experience a solid market for subsea services. This significant contract
improves our order backlog considerably and is evidence of the strong value
proposition of our complete and integrated offering - including survey and
positioning services delivered by our new colleagues in iSurvey. It confirms our
ability to successfully compete for a broad range of complex assignments across
the globe,” said CEO of Reach Subsea Jostein Alendal.

Reach Subsea will charter a hybrid powered AHC/offshore construction vessel,
mobilized with a work class ROV for the project. The project has been awarded
based on a strategic cooperation with key stakeholders for delivering high
quality engineering and vessel solutions to the floater installation market.

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Contact information:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.no

About Reach Subsea:
Reach Subsea ASA Group offers subsea services as a subcontractor and/or directly
to end clients, based out of our head office in Haugesund. The core business of
the Group is based on modern, high spec Work ROVs operated by highly qualified
offshore personnel and supported by onshore engineering resources. The Group’s
objective is to be a preferred subsea partner and full-service provider of
subsea operations for clients, focusing on safety, environment, financial
solidity and profitability.

www.reachsubsea.no

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements according
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by CFO Birgitte Wendelbo Johansen, on behalf of the
Company at the date and time set out above.

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