Haugesund, 06 October 2023: Reach Subsea ASA, the trusted data and subsea
service provider for ocean-based industries, has entered into an agreement to
acquire 100 percent of the shares of the Australian marine survey company
Guardian Geomatics PTY. LTD.

"I am extremely happy to welcome Guardian Geomatics into the Reach Subsea
family. With Guardian's market position in Australia, extremely experienced team
and excellent proprietary surveying and data processing technology platform, the
acquisition accelerates our strategic global expansion agenda and opens new
doors for us in Australia and the Asia Pacific markets. Guardian Geomatics'
existing survey business is highly attractive, and as part of Reach Subsea, the
company will serve as an enabler for launching our unmanned Reach Remote
platform in Australia and other global markets," said CEO of Reach Subsea
Jostein Alendal.

Key strategic benefits of the transaction:
o	Adding significant survey software and hardware applicable for the global
market
o	Providing established market access to the Australian and Asia Pacific markets
o	Strengthened offering within construction, as well as inspection, maintenance,
and repair (IMR) both in existing and new markets. 
o	Significant synergy potential related to cross sale opportunities and due to
complementary peak seasons, which allows for optimal resource utilization. No
overlap with existing operations
o	Well-established and highly profitable existing business
o	Platform for the introduction of Reach Remote robotics in the Australian oil &
gas and renewables markets
o	Adding a highly competent team with vast experience from the surveying
industry

Guardian Geomatics was established in February 2018 by a group of industry
experts with vast industry experience from among other places Fugro. The company
has been highly successful since the launch. In FY 2023 (fiscal year ending 30
June), revenues reached AUD 41.7 million, a growth of 96 percent compared to FY
2022. 2023 EBITDA was AUD 6.2 million, a growth of 41 percent. 

Guardian Geomatics offers a variety of marine survey solutions to the oil and
gas industry, and Government sector clients. These include geographical,
hydrographic, oceanographic and environmental surveys. In addition, Guardian
conducts geotechnical site Investigations, positioning and ROV Services, as well
as providing prime contracting and consulting services. The business is highly
complementary to Reach Subsea's existing operations and offers significant
synergies with Reach Subsea.

Founders and current shareholders of Guardian Geomatics, Steve Duffield and Paul
Kennedy are still fully engaged in the company.

"We are excited to become a part of Reach Subsea, which is renowned as an
innovative and successful player in the industry. We are impressed with Reach
Subsea's growth strategy, and we see important complementary capabilities of the
two companies. This acquisition will permit the continued business growth and
development of uncrewed technologies and will be a cornerstone of the offshore
industry into the future." said Paul Kennedy, Managing Director of Guardian
Geomatics.

"There is no overlap with Reach Subsea's survey division today and Guardian
Geomatics will strengthen our offering significantly, especially in the fields
of unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs),
reporting and high spec survey delivery. Further, Guardian will play a vital
role in the execution of our eight-year monitoring contract in Australia. The
combination of Reach and Guardian is a perfect example of how two plus two
becomes more than four," said Jostein Alendal.

Key terms:
o	Reach Subsea purchases 100 percent of the shares in Guardian Geomatics with
expected closing during November 2023.
o	The purchase consideration paid to selling shareholders will consist of
approximately 16 million new shares in Reach Subsea ASA, plus AUD 5.5 million in
cash to be paid one year after the closing date. The exact number of
consideration shares to be issued will be determined on the closing date.
o	The consideration shares issued to selling shareholders are subject to a
4-year lock-up structure, whereby 25% of the shares are released on each
anniversary. 
o	The transaction is subject to certain customary closing conditions

-ENDS-

For more information please contact:  
Birgitte Wendelbo Johansen  
Chief Financial Officer  
Reach Subsea ASA  
bwj@reachsubsea.no  
 
 
About Reach Subsea:  
Reach Subsea ASA Group offers high quality solutions and technology to clients
in need of ocean data and services. Services are offered out of our head office
in Haugesund as well as from our subsidiaries and branches located across
Norway, US, UK, Cyprus, Singapore, Trinidad and Brazil. The Group's objective is
to be a preferred partner and full-service provider of ocean services for
clients, focusing on safety, environment, financial solidity and profitability.
Our vision "Sustainable access to ocean space" underpins our commitment to the
development of sustainable solutions, with stakeholder groups key interests in
focus. 
 
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,
Marketing and Communications Manager at Reach Subsea ASA on the time and date
provided.