Reach Subsea ASA: First half and second quarter 2022 financial results

Haugesund, 23 August 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 second quarter 2022. Revenue was NOK 341 million, 101
percent higher than in the same period last year, driven by increased capacity,
the acquisitions of OCTIO and iSURVEY and solid performance in a strong market.
Operating profit (EBIT) increased by 178 percent to NOK 56 million driven by the
increased capacity and very high utilization. 

"With doubling of revenue and 178 percent growth in operating profit, we clearly
demonstrate the strength of our business model in a positive market environment.
We now reap the benefits of our efforts to firm up significant long-term vessel
capacity, and the utlilization was very high in the quarter. The high activity
is not only driven by the increased investments in the oil & gas segment, but
also more projects within new segments like renewable energy," said CEO Jostein
Alendal.

Reach Subsea recently acquired iSURVEY and OCTIO, and hence becoming a complete
provider of subsea services, including surveying technology, data management and
data analytics.

"We now cover the whole subsea value chain and are able to offer better and more
comprehensive services for our clients, and we will be able to produce even
better project economics," said Jostein Alendal.

In April 2022, Reach Subsea signed contracts with Kongsberg Maritime and
Kystdesign for the construction of the Reach Remote autonomous offshore vessels.


"The project is on track, and we can't wait until 2023 when the Reach Remote
system will be ready for verification and certification. It will lead to an
enormous reduction in emissions, reduced cost for clients and increased
personnel safety. This is the future of offshore operations and Reach is in the
lead of development," said Jostein Alendal.

Reach Subsea confirms a positive market outlook for subsea services.

"Despite turbulent markets and geopolitical concerns affecting us all, activity
is set to continue to increase both in the oil & gas sector as well as in
renewable
energy. We experience significant tender activity," said Jostein Alendal.


Q2 2022 highlights (Q2 2021 in brackets): 
o	Q2 2022 revenue increased 101% to NOK 341 million (NOK 170 million), driven by
increased capacity, the acquisitions of OCTIO and iSURVEY and solid performance
in a strong market  
o	Q2 2022 EBIT of NOK 50 million (18 million) due to high activity, solid
utilization and improved pricing, driving profitability to record levels
o	Improved ROV utilization of 76% in the first half of 2022, compared to 60% in
the same period last year
o	Integration of iSURVEY and OCTIO businesses with Reach Subsea going as
planned, and now well positioned going into H2 2022
o	On track for the delivery of first Reach Remote USVs in 2023. Long lead items
such as the USVs and eROVs secured by signing contracts with Kongsberg and
Kystdesign, respectively
o	Improved market conditions going forward across all sectors fueled by higher
commodity prices, increased focus on energy security, and structural growth in
renewables

Please note that OCTIO Group figures are fully consolidated into Reach Subsea's
accounts since the start of this year, while the iSurvey transaction was closed
towards the end of the first quarter, meaning that Reach Subsea's P&L includes
both acquisitions in the second quarter 2022. The balance sheet as per first
half 2022 is fully consolidated showing Reach, OCTIO and iSURVEY altogether. For
the same period last year, iSURVEY and OCTIO are not part of the figures.

For further details, please see the attached First half and second quarter 2022
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 and after the
presentation through the webcast player. Webcast link:
https://channel.royalcast.com/webcast/hegnarmedia/20220823_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.

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.