Reach Subsea ASA -2Q 2026: Strong Results; Building the Fleet for the Future

Haugesund, 18 August 2026 - Reach Subsea ASA today announced its second-quarter
and half-year 2026 results. Revenue for the quarter totalled NOK 988.1 million,
compared to NOK 684.2 million in Q2 2025, while EBIT came in at NOK 192.4
million, compared to NOK 91.1 million in the same quarter last year. Revenue for
the first half of 2026 was NOK 1,539.5 million, compared to NOK 1,382.9 million
in the first half of 2025, while EBIT was NOK 0.3 million, compared to NOK 159.3
million in the same period last year.

The second quarter was driven by significantly higher project activity and solid
project execution. For the first half of the year, revenue increased compared to
last year, while EBIT was negatively affected by weak utilisation and low
activity during the first quarter.

- We are pleased to report a strong second quarter, both operationally and
financially. Following a weak first quarter, activity increased significantly,
and our organisation demonstrated its ability to convert higher project activity
into improved revenue and earnings, said Jostein Alendal, CEO of Reach Subsea.

The quarter also reflected the value of Reach's flexible fleet structure.
Following quarter-end, the announced sale of Viking Reach supported the ongoing
fleet renewal strategy, while the company continues to build a modern and
scalable fleet adapted to market demand and project requirements.

Reach Remote has moved beyond validation and is entering a new phase of
operational and commercial scale-up. With proven performance, growing client
adoption and proprietary technology already in use, the platform is increasingly
positioned as a key part of the future subsea operating model. The ongoing
process to establish Reach Remote as a standalone company is intended to support
focused growth and long-term value creation.

- With Reach Remote now demonstrating consistent operational and commercial
performance, we are moving from validation into a scaling phase. As part of this
development, we have initiated the process of establishing Reach Remote as a
standalone company to enable focused growth and long-term value creation. The
process continues to attract strong interest from a broad range of industry
participants, said Jostein Alendal.

The company's order backlog increased to NOK 1.85 billion at quarter end,
supported by new awards and the firm 2+1-year IMR and light construction
contract offshore in the Black Sea. Outstanding tender volume remained high at
NOK 9 billion, including approximately NOK 1.3 billion in USV tenders.

2Q 2026 highlights:
o	Record-high 2Q results, driven by improved asset utilisation and strong
operational performance.
o	Reach Remote continues to strengthen its position as a leading provider of
remote and uncrewed operations, driven by a growing track record and
continuously developing capabilities.
o	Progress continues on the establishment of Reach Remote as a stand-alone
company, supporting the execution of its rapid scale-up strategy.
o	Signed an agreement after quarter end for the sale of Viking Reach and its
onboard WROV, expected to unlock more than NOK 200 million in liquidity and
support the Company's fleet renewal strategy.

-ENDS-

QUARTERLY PRESENTATION
Reach Subsea's CEO Jostein Alendal and CFO Arne Joa 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://qcnl.tv/p/yvYoUYM3ZyQXYC70JxeBfQ

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: 
Arne Joa
Chief Financial Officer 
Reach Subsea ASA 
arne.joa@reachsubsea.no 

About Reach Subsea
Reach Subsea delivers its services through a versatile fleet of vessels,
including survey, IMR, construction support, and remote vessels. Our teams
operate worldwide, providing inspection, maintenance, construction support,
survey and data services across multiple industries, supporting clients
throughout every stage of their project lifecycles. Our offshore teams are
powered by advanced ROV technology and backed by onshore engineering expertise,
turning complex ocean challenges into reliable solutions. With over 500 skilled
professionals and offices in Norway, Sweden, the UK, the US, Brazil, Trinidad,
Australia, and Singapore, our vision-'Sustainable access to ocean space'-drives
safe, innovative, and sustainable subsea operations.

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.
e announcement was published by Jorunn Håvardsholm\,\
Communications and Marketing Director at Reach Subsea AS on the time and date\
provided.\