Reach Subsea ASA – Q2 2024: Confirming steady progress

27 Aug 2024 07:00 CEST

Haugesund, 27 August 2024: Reach Subsea ASA announced its second quarter and
half-year results for 2024 today, demonstrating consistent advancement towards
its strategic objectives. Revenue for the quarter stands at NOK 623 million and
the EBIT at NOK 121 million. The decrease compared to the second quarter of 2023
is primarily a result of last year’s sale of one ROV, which had a net effect of
NOK 29.8 million. The half-year 2024 results validate that it is well ahead of
last year.

“The second quarter of 2024 proved consistent progress in alignment with our
strategic objectives. Our journey of expanding Reach is making significant
strides within a vibrant market, all while upholding our commitment to
profitability and high-quality service." said CEO of Reach Subsea, Jostein
Alendal.

Reach Subsea’s commitment to integrating robotization into the subsea industry
is rapidly advancing, with several key milestones achieved in the past quarter.
Both Reach Remote USVs 1 and 2 have now been successfully sea-launched. Reach
Remote 1 has undergone successful testing and is set to begin a technology
qualification program with Equinor this fall. The Company is already harnessing
the capabilities of two Drix USV’s Orca 1 & 2, working together to complete a
Hydrographic Survey Project, the longest-running operation record for a DRIX
globally, which has to date covered 5858 km2.

“Our commitment to innovation is deeply rooted in our belief that technological
developments hold the key to a brighter future. We strive to leverage
cutting-edge technologies to create solutions that not only meet the needs of
today but also anticipate the challenges of tomorrow. This approach is not a
replacement but an enhancement, building upon our existing strengths to drive
progress and deliver even greater value.” said CEO of Reach Subsea Jostein
Alendal.

Furthermore, Reach Subsea's order backlog continues to swell, reaching a growing
NOK 1.6 billion, a solid increase of 170 percent compared to the second quarter
2023. Notably, the volume of tenders remains significantly high, now reaching
NOK 11 billion, more than double the amount recorded in the second quarter of
2023.

“Our growing order backlog and significant increase in tender volume clearly
demonstrate our robust market position and the strengthened confidence in our
future success.” said CEO of Reach Subsea, Jostein Alendal.

Q2 2024 highlights:
• A strong 2Q in terms of operations and results, market improvements, and
progress towards strategic goals.
• Underlying financial performance in line with last year for 2Q, and well ahead
of last year for 6M. Dividend of NOK 0.36 per share distributed in the quarter.
• Key milestones achieved for Reach Remote with successful sea launch and award
of landmark technology qualification contract with Equinor.
• Strong outlook as evidenced by order backlog and outstanding tender value more
than doubling year-over-year.


-ENDS-

QUARTERLY PRESENTATION
Reach Subsea’s CEO Jostein Alendal and CFO Birgitte Wendelbo Johansen will host
a webcast presentation of the results in English today at 9:30 CEST.
Questions may be submitted during the presentation through the webcast player.

Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20240827_4/
The report and presentation will be made available at https://reachsubsea.no and
www.newsweb.no.
A recorded version of the presentation will be available after the live stream
is concluded.

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 high quality solutions and technology to clients
in need of ocean data and services. Services are offered out of our head office
in Haugesund as well as from our subsidiaries and branches located across
Norway, US, UK, Cyprus, Singapore, Trinidad, Brazil and Australia. The Group’s
objective is to be a preferred partner and full-service provider of ocean
services for clients, focusing on safety, environment, financial solidity and
profitability. Our vision “Sustainable access to ocean space” underpins our
commitment to the development of sustainable solutions, with stakeholder groups
key interests in focus.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Jorunn Håvardsholm,
Communications and Marketing Director at Reach Subsea AS on the time and date
provided.

More information:
Access the news on Oslo Bors NewsWeb site

626284_Reach Subsea ASA Q2 2024 Report.pdf
626284_Reach Subsea ASA Q2 2024 Presentation.pdf