Strategic partner

Reach Subsea ASA ("Reach") has received an offer from an undisclosed strategic
partner to enter into a comprehensive agreement covering both an equity
investment in Reach and a strategic co-operation on commercialisation of Reach
Remote.  

The offer is for Reach to issue 46,126,567 new shares towards the strategic
partner at NOK 3.25 per share, thereby raising NOK 150 million in new equity.
Furthermore, the offer entails that Reach will issue warrants at a subscription
price of NOK 4.00 per share whereby each warrant will give the strategic partner
the right to subscribe for one new Reach share. The warrants have a duration of
3 years and can be exercised anytime. If all warrants are exercised, the
strategic partner will potentially end up with a 33% ownership stake.

The Board of Reach is positive to the proposed offer, which is subject to
relevant corporate approvals by both parties and certain other conditions. The
Board will work towards finalising and concluding an agreement within the next
couple of weeks, to be put forth to an extraordinary general meeting in Reach.

For further information, please contact:
Rachid Bendriss, Chairman of the Board, rb@northenergy.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