Reach Subsea ASA - Mandatory notification of trade and exercise of warrants

03 Dec 2024 23:52 CET

Reach Subsea ASA - Mandatory notification of trade and exercise of warrants

4 December 2024:
Wilhelmsen New Energy AS (“Wilhelmsen”) has today exercised 9,886,364 warrants
with a strike of NOK 3.28 per share (the “Exercise”), out of its total warrant
holding of 54,593,737 in Reach Subsea ASA (the “Company”). The exercise of
warrants will provide the Company with approximately NOK 32 million in new
equity to finance its growth initiatives. Following the exercise, Wilhelmsen New
Energy holds a remaining 44,707,373 warrants in the Company.

Further, Wilhelmsen New Energy has today sold 9,886,364 shares in the Company,
representing approximately 4% of the share capital and votes in the Company, at
a price of NOK 8.25 per share for a total transaction size of NOK 82 million
(the “Transaction”).

Executive Vice President Wilhelmsen New Energy, Geir Flæsen, states the
following:
“Wilhelmsen entered Reach Subsea as an industrial investor nearly three years
ago and is currently the largest shareholder, with ambitions to support the
development of the company in line with its long term strategy. In relation to
the partial exercise of our Warrants, the secondary placement was performed to
diversify the shareholder base of the company.”

Following the Transaction and Exercise, Wilhelmsen maintains its holding of
52,136,636 shares, representing approximately 18.5% of the share capital and
votes in the Company.

Wilhelmsen is closely associated with Espen Gjerde, (represented on the Board of
Directors of Reach Subsea ASA). Wilhelmsen has entered into a 90-days customary
lock-up with Arctic Securities AS on the remaining shares in the Company held by
Wilhelmsen after the Transaction.

Arctic Securities AS acted as sole financial advisor and bookrunner in
connection with the Transaction.

This disclosure is made pursuant to article 19 of the EU Market Abuse Regulation
and section 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 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 stock exchange announcement was published by Birgitte Wendelbo Johansen,
Chief Financial Officer at Reach Subsea ASA on the time and date provided.

More information:
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