Reach Subsea ASA – Mandatory notification of trade and disclosure of large shareholding

23 Feb 2023 10:19 CET

Reach Subsea ASA – Mandatory notification of trade and disclosure of large
shareholding

Haugesund, 23 February 2023: Reference is made to the stock exchange
announcements by Reach Subsea ASA ("Reach" or the "Company") on 15 February 2023
regarding completion of a private placement (the "Private Placement") in the
Company of 29,411,000 new shares (the "Offer Shares"), consisting of a first
tranche of 22,500,00 shares ("Tranche 1") and a second tranche of 2 of 6,911,000
("Tranche 2"), and on 23 February 2023 regarding registration of the Offer
Shares in Tranche 1 in the Norwegian Register of Business Enterprises (the
"Share Capital Increase").

Pursuant to a share lending arrangement (the "Share Lending Arrangement") to
facilitate swift settlement of Offer Shares in Tranche 1, North Industries 1 AS
("North Industries"), being a close associate to primary insiders Rachid
Bendriss (Chair of the Board) and Anders Onarheim (Director), lent a net total
of 18,695,049 shares to Arctic Securities AS, Fearnleys Securities AS and
SpareBank 1 Markets AS (the "Managers").

Following registration of the Share Capital Increase, North Industries has now
received 18,695,049 Offer Shares from the Managers as final settlement of the
Share Lending Arrangement. Further, and following the Share Capital Increase,
North Industries has further received the remaining 3,804,951 Offer Shares which
it was allocated in Tranche 1 of the Private Placement.

Consequently, North Industries has a current shareholding of 49,931,518 shares,
corresponding to an increase in shareholdings from 12.15% to 20.11% of all
outstanding shares in the Company as of the date hereof, which exceeds the 20%
threshold pursuant to section 4-2 (1) and (3) of the Norwegian Securities
Trading Act.

Upon the expected issuance of the remaining 6,911,000 Offer Shares in Tranche 2
of the Private Placement, where 900,931 Offer Shares have been allocated to
North Industries, any relevant disclosures concerning changes in North
Industries' shareholding will be published in a separate stock exchange notice.

This information is subject to the disclosure requirements in Regulation EU
596/2014 (MAR) article 19 number 3 and sections 4-2 (1) & (3) and 5-12 of the
Norwegian Securities Trading Act.

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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