Haugesund, 24 November 2022: Reach Subsea ASA the trusted data and subsea
service provider for ocean-based industries, has secured significant vessel
capacity for the coming four years through an agreement to acquire the
multipurpose ROV support vessel Edda Sun for USD 29 million and a charter
contract for the multipurpose ROV support vessel Go Electra with a duration,
including options, through 2027. 

With the favorable terms on the two new vessels, and the existing charters of
Havila Subsea and Deep Cygnus, Reach Subsea now has a long-term core fleet
portfolio with an estimated 20-30 percent cost advantage compared to the current
market. This will be further improved with the launch of the unmanned Reach
Remote vessels, set for launch in 2023.

"We are currently seeing record high activity and face a market with a solid
growth outlook for years to come. Hence, the market for vessel capacity will be
very tight, but we are now perfectly positioned to maneuver and take advantage
of the growing demand for both short-term and multi-year assignments," said
Jostein Alendal, CEO of Reach Subsea.

The Go Electra charter agreement is for four years firm with an option to extend
for one year, with a highly competitive fixed charter rate and a profit share
arrangement.

The USD 29 million acquisition of Edda Sun represents a new development for
Reach Subsea, as the company's operations have thus far been based on chartered
vessel capacity. However, the implied charter rate derived from the purchase
price on the vessel is below the charter rates we are offered on other similar
vessels in the market.

"In the current market, it is attractive from a cost perspective to own parts of
the ROV vessel capacity. Owning the vessel also implies a mitigation of any cost
inflation risk in the coming years, as well as being able to credibly cater to
our clients growing need for long term solutions," said Jostein Alendal.

Edda Sun was built in 2009, whereas Go Electra was built in 2011. They are both
highly versatile ROV support vessels, well fit for Reach Subsea's broad range of
subsea survey, inspection and maintenance activities (IMR) as well as
construction and decommissioning activities. They are fuel efficient and are
capable of operating in harsh weather conditions with low down-time.

Edda Sun will be mobilized with one work-class ROV and one high-speed Surveyor
Interceptor in time for the high activity season in the North Sea. Go Electra
will be available for Reach Subsea early 2023 and will be mobilized with one
work-class ROV and one observation ROV.

Settlement of the Edda Sun acquisition will take place in March 2023, and is
subject to consent from our banks, and satisfactory vessel inspection. Execution
of the Go Electra charter agreement is also subject to satisfactory vessel
inspection. Reach Subsea is considering various financing opportunities for the
transaction, including debt, equity, partnering, or a combination of these
sources.

*** 

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 CFO Birgitte Wendelbo Johansen, on behalf of the
Company at the date and time set out above.