Reach Subsea ASA – Notification of trade by primary insiders or close associates of primary insiders, disclosure of large shareholding and share lending

16 Feb 2023 08:30 CET

Reach Subsea ASA – Notification of trade by primary insiders or close associates
of primary insiders, disclosure of large shareholding and share lending

Haugesund, 16 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
29,411,000 new shares (the "Offer Shares") in the Company.

The Company has received the following notifications of transactions from
persons discharging managerial responsibilities and their close associates
following completion of the Private Placement:

- North Industries 1 AS, a close associate of primary insider Rachid Bendriss
(Chair of the Company's Board of Directors) and Anders Onarheim (Director), was
allocated 4,705,882 Offer Shares;
- Wilhelmsen New Energy AS, a close associate of primary insider Espen Gjerde
(Director), was allocated 6,010,069 Offer Shares;
- AB Investments, a close associate of primary insider Anders Onarheim
(Director), was allocated 250,000 Offer Shares;
- Kold Invest AS, a close associate of primary insider Martha K. Bakkevig
(Director) was allocated 82,353 Offer Shares
- Vest-Norsk Handelskompani AS, a close associate of primary insider Kristine
Skeie (Director) was allocated 470,588 Offer Shares;
- I Øvereng AS, a close associate of primary insider Ingunn Ø. Iveland
(Director) was allocated 30,588 Offer Shares; and
- Audun Brandtzæg (Chief Strategy Officer of the Company) was allocated 100,000
Offer Shares

In addition, and to facilitate swift delivery of Offer Shares in the Private
Placement to subscribers who were allocated shares in tranche 1 ("Tranche 1") of
the Private Placement, corresponding to a total of 22,500,000 shares, North
Industries 1 AS has lent a total of 22,500,000 shares to Arctic Securities AS,
Fearnleys Securities AS and SpareBank 1 Markets AS (the "Managers").

Following the share lending transaction, North Industries 1 AS hold a total of
23,626,567 shares, corresponding to 10.46% of the current number of outstanding
shares in the Company. Consequently, North Industries 1 AS has fallen below the
20% threshold pursuant to section 4-2 (1) and (3) of the Norwegian Securities
Trading Act.

The Board has today resolved to issue the 22,500,000 Offer Shares in Tranche 1,
all of which will be subscribed by the Managers and, once issued, redelivered to
the North Industries 1 AS as settlement for shares borrowed in relation to
settlement of Tranche 1.

Upon redelivery of shares to North Industries 1 AS in Tranche 1 and subsequent
issuance of the remaining 6,911,000 Offer Shares in tranche 2 of the Private
Placement, if applicable, relevant changes in North Industries 1 AS'
shareholding will be published in a separate stock exchange notice.

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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