Reach Subsea ASA – 1Q 2025: Another record quarter

08 May 2025 07:00 CEST

Haugesund, 08 May 2025: Reach Subsea ASA announces its first quarter 2025
results, demonstrating another record quarter. Revenue for the quarter stands at
NOK 699 million (575 million) and the EBIT at NOK 68 million (29 million).

"We achieved another record-breaking first quarter at Reach Subsea. We are
performing well, aligning with our strategy to grow while maintaining healthy
margins. That being said, global uncertainties also require high awareness and
agility – something we remain focused on to continue delivering value.", said
CEO of Reach Subsea, Jostein Alendal.

Reach Subsea’s commitment to the robotization of the subsea industry remains
strong. Reach Subsea’s USV, Reach Remote 1, is currently undergoing a pilot as
part of a technology qualification program in collaboration with Equinor,
TotalEnergies, and other major energy partners. Meanwhile, Reach Remote 2 is in
the commissioning phase, incorporating insights from the ongoing pilot.

"The pilot program with Reach Remote 1 is ongoing, and we are in the process of
completing the full task program. The results so far have been very positive,
highlighting our ability to successfully execute the work remotely. We are now
simultaneously preparing her for commercial operations", said CEO of Reach
Subsea Jostein Alendal.

To support these advancements, the company has developed Reach Horizon, a
central platform for managing and overseeing remote operations. This system is
now being utilized across the Reach Subsea fleet, including for the Reach Remote
1 pilot program, with external client representatives also involved.

1Q 2025 highlights (1Q 2024):
• All time high 1Q revenue and profitability driven by growth, strong market
conditions and successful project execution.
• Revenue for 1Q2025 was NOK 698.7 million (NOK 575.3 million).
• EBIT for 1Q2025 was NOK 68.2 million (NOK 28.7 million), while pre- tax result
was NOK 67.2 million (NOK –8.9 million).
• Strong outlook as evidenced by a steady backlog of NOK 1.3 billion and tender
volume of NOK 10.0 billion.

-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/20250508_8/

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
Our services are delivered through a fleet of vessels, supported by offices in
Norway, Sweden, the UK, the US, Brazil, Trinidad, Australia, and Singapore. We
currently employ close to 500 people across both offshore and onshore locations.
The company operates a wide range of work and survey ROVs from its fleet of
vessels, ranging from smaller survey, IMR, and light construction vessels to
highcapacity subsea construction vessels. Operations are performed by highly
qualified offshore personnel and supported by competent onshore engineering
resources. The Group’s objective is to offer high quality solutions and
technology to clients in need of ocean data and services. Our vision,
'Sustainable access to ocean space,' underpins our commitment to developing
sustainable solutions while carefully balancing the interests of all our
stakeholder groups.

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

645645_Reach Subsea ASA_1Q2025_Presentation.pdf
645645_Reach Subsea ASA_1Q2025_Report.pdf