Reach Subsea ASA – New share capital registered

23 Feb 2023 10:13 CET

Reach Subsea ASA – New share capital registered

Haugesund, 23 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 Private Placement consist of one tranche of 22,500,000 new shares ("Tranche
1") and a second tranche of 6,911,000 new shares to applicants who have accepted
deferred settlement in a separate tranche 2 ("Tranche 2"). The new shares in
Tranche 2 are expected to be resolved issued in an extraordinary general meeting
on 10 March 2023

The new shares in Tranche 1 resolved issued by the Board of Directors on 15
February 2023 pursuant to a board authorization granted by the annual general
meeting in the Company on 30 May 2022, have now been registered with the
Norwegian Register of Business Enterprises. The new share capital of the Company
is NOK 248,225,928 divided into the equivalent number of shares, each with a
nominal value of NOK 0.10.

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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