Reach Subsea contract award and vessel capacity secured

08 Feb 2023 15:56 CET

Reach Subsea contract award and vessel capacity secured

Haugesund, 08 February 2023: Reach Subsea ASA, the trusted data and subsea
service provider for ocean-based industries, continues to increase order backlog
after securing a decommissioning scope in the North Sea. The contract represents
about 40 project days for execution in Q1 2023. The vessel Olympic Delta will be
utilized to execute the project.

Reach Subsea has an existing cooperation with Olympic Subsea for Olympic Delta,
and the parties have agreed to extend the cooperation for the whole of 2023.
Reach and Olympic will jointly market the vessel outside the already committed
period in 2023.

“The market activity is high, and we are pleased to see that we are able secure
contracts across a range of segments. Continuing the good cooperation with
Olympic both on ROV services and joint marketing of vessels, shows that our
common service offering has been well perceived by clients,” said Jostein
Alendal, CEO of Reach Subsea.

Olympic Delta is a modern subsea vessel with good capacity in the light IMR and
survey market for both the oil and gas and renewables segments. The additional
added capacity comes with limited risk and a significant upside for Reach
Subsea, which the recent contract award is a good example of. Currently, the
extended cooperation comprises an additional 150 days of firm work for the two
ROVs currently mobilized on the vessel. Reach is contracted to provide this
service to Olympic for the charter duration to a tier one oil and gas
contractor.

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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 subject of the disclosure requirements pursuant 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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