Reach Subsea ASA Consolidated, financial report for 3Q and Year to date 2022

Haugesund, 08 November 2022: Reach Subsea ASA the trusted data and subsea
service provider for ocean-based industries, today published record high revenue
and operating profit for the third quarter 2022. 

Q3 and YTD 2022 highlights (Q3 2021 in brackets): 

* Record result recorded for 3Q2022 and year-to date fuelled by high
utilisation, improved pricing, solid execution and addition of new businesses.

* Turnover was NOK 365.4 million (NOK 223.8 million) in the third quarter and
NOK 835.4 million (NOK 495.3 million) year to date.

* EBIT for 3Q2022 was NOK 58.4 million (NOK 23.4 million), while pre-tax result
was NOK 67.3 million (NOK 23.3 million).

* EBIT for the first nine months of 2022 was NOK 70.6 million (NOK 53.3
million), while pre-tax result was NOK 79.2 million (NOK 50.5 million).

* iSurvey and Octio, our recently acquired businesses, contributed positively to
both our market footprint and financial results. 

* Strong market conditions across all sectors fuelled by high energy prices,
increased focus on energy security, 
and structural growth in offshore renewables.

* Reach Remote project progressing according to schedule.
 

For further details, please see the attached Third quarter and Year to date 2022
financial report and Presentation.

Reach Subsea CEO Jostein Alendal and CFO Birgitte Wendelbo Johansen will host a
webcast presentation of the results in English, followed by a Q&A session at
9:30 CEST today. Please submit written questions during the presentation through
the webcast player. Webcast link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221108_3

A recorded version of the presentation will be available after the live stream
is concluded. Participants will have the opportunity to submit questions online
throughout the webcast session.

The report, presentation and webcast link is available on the Company's website:
https://reachsubsea.no/investors/financial-reports/

Contact information:
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 

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements according
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by Birgitte Wendelbo Johansen, on behalf of the
Company on the date and time set out above.