Reach Subsea ASA – Key information relating to Subsequent Offering

15 Feb 2023 23:54 CET

Reach Subsea ASA – Key information relating to Subsequent Offering

Haugesund, 15 February 2023: Reference is made to the stock exchange
announcement by Reach Subsea ASA ("Reach" or the "Company") on 15 February 2023
regarding completion of a private placement (the "Private Placement") of new
shares in the Company.

The board of directors has resolved to conduct a subsequent offering (the
"Subsequent Offering") with gross proceeds of up to NOK 12,750,000 by issuing up
to 3,000,000 new shares at NOK 4.25 per share (the "Offer Price"), equal to the
subscription price in the Private Placement. The Subsequent Offering is subject
to Company's extraordinary general meeting (the "EGM") authorising the Company's
board of directors to issue such shares.

Please find key information relating to the Subsequent Offering below:

- Date on which the terms and conditions of the repair issue were announced: 15
February 2023
- Last day including right: 15 February 2023
- Ex-date: 16 February 2023
- Record date: 17 February 2023
- Date of approval: 15 February 2023 (subject to, inter alia, the EGM
authorising the board of directors to issue shares in the Subsequent Offering)
- Maximum number of new shares: 3,000,000
- Subscription price: NOK 4.25 per share

Other important information concerning the Subsequent Offering:

The Subsequent Offering is proposed directed towards shareholders in the Company
as of 15 February 2023 (as registered in the VPS two trading days thereafter),
who (i) were not included in the wall-crossing phase, (ii) were not allocated
Offer Shares in the Private Placement, and (iii) are not resident in a
jurisdiction where such offering would be unlawful or would (in jurisdictions
other than Norway) require any prospectus, filing, registration or similar
action.

The Subsequent Offering is subject to i) approval of the EGM to authorise the
Company's board of directors to issue shares in the Subsequent Offering, ii) the
publication of an offering prospectus pertaining to the Subsequent Offering and
iii) the prevailing market price of the Company's shares following the Private
Placement. The subscription period for the Subsequent Offering will commence as
soon as possible following the publication of such prospectus. The Company
reserves the right, in its sole discretion, to cancel the Subsequent Offering,
including as a result of the Company's shares trading at or under the Offer
Price at meaningful volumes.

Advisors
Arctic Securities AS, Fearnleys Securities AS and SpareBank 1 Markets AS are
acting as joint bookrunners in connection with the Private Placement.

Advokatfirmaet Schjødt AS is acting as Norwegian legal counsel to the Company in
the Private Placement.

For more information please contact:
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

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