Haugesund, 23 August 2023: Reach Subsea ASA, the trusted data and subsea service
provider for ocean-based industries, today published record high revenue and
EBIT for the second quarter of 2023. Revenue grew by 78 percent to NOK 636
million, whereas EBIT was NOK 148 million, a growth of 138 percent adjusted for
a one-off sales gain of NOK 30 million. The order backlog grew by 69 percent to
NOK 590 million, and tender volume is currently at an all-time high of approx.
NOK 5 billion (2.3 billion one year ago).

"Our order backlog was record-high when we entered the summer season, and we are
now in the middle of the by far most busy period in the company's history.
Project execution has been excellent in the second quarter, while tender
activity has been extremely high. This is a solid confirmation of our very
positive market outlook for the coming years," said CEO of Reach Subsea, Jostein
Alendal.

During the last 18 to 24 months Reach Subsea has ramped up its capabilities and
capacity to be able to benefit from the strong market. The offshore subsea
support vessel fleet has been renewed and expanded on long-term contracts with
favorable terms. In parallel, Reach Subsea has acquired important capabilities
within surveying and geophysical monitoring.

"Our increased capacity, broadened service offering, and global presence implies
that we now can compete for a much broader set of assignments. The strategic
expansion comes with perfect timing, as there is strong growth in demand for
services in the ocean space. The roll-out of offshore wind is accelerating with
enormous need for subsea work, and high energy prices stimulate the activity in
the oil and gas sector. Energy security is another driver for the demand. On top
of this comes emerging segments such as deep-sea mining, carbon storage and
offshore fish farming," said Jostein Alendal.

Reach Subsea plans further capacity expansions, and in 2024, the first two
autonomous subsea support vessels, named Reach Remote, are expected to be
launched. The construction of the hulls is completed, whereas outfitting,
development of subsystems and control centers are progressing.

"With much lower investment and operating costs combined with significantly
lower emissions than conventional vessels, the autonomous Reach Remote will be a
game changer not only for Reach but for the whole industry," said Jostein
Alendal.

Q2 2023 highlights (2022 figures in brackets):

o	Record high results driven by growth, improved pricing, and strong project
execution 
o	EBIT for the second quarter 2023 was NOK 148.2 million, including a gain of
NOK 29.8 million, (NOK 49.8 million), while pre-tax result was NOK 110.4 million
(NOK 56.2 million)
o	EBIT for the first six months of 2023 was NOK 139.8 million (NOK 12.2
million), while pre- tax result was NOK 116.0 million (NOK 11.9 million)
o	Strong market conditions across all sectors fueled by high energy prices,
increased focus on energy security, and structural growth in offshore renewables


-ENDS-

QUARTERLY PRESENTATION
Reach Subsea's CEO Jostein Alendal and CFO Birgitte Wendelbo Johansen will host
a webcast presentation of the results in English today at 9:30 CEST. 

Questions may be submitted during the presentation through the webcast player.

Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20230823_5/ 


The report and presentation will be made available at https://reachsubsea.no and
www.newsweb.no. 

A recorded version of the presentation will be available after the live stream
is concluded.

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.