Haugesund, 14 February 2023: Reach Subsea ASA, offering high quality solutions
and technology to clients in need of ocean data and services, today published
its fourth quarter 2023 results with solid revenue and profitability growth.
Revenue for the quarter grew by 45 percent to NOK 474 million, whereas EBIT grew
by 130 percent to NOK 79.5 million. Revenue for the full year 2023 was NOK 1.996
million with an EBIT of 332 million which gives an EBIT margin of 17 percent.

"The fourth quarter of 2023 was record-breaking for Reach Subsea and so was the
entire year of 2023. Whilst we are pleased to take our revenues to the NOK 2
billon level, even more satisfactory is our ability to continue to deliver
increased margins along with the growth. We have now experienced robust revenue
growth for ten straight quarters. We are progressing towards the next level in
terms of size, and the outlook appears exceptionally 
robust," said CEO of Reach Subsea, Jostein Alendal.

Reach Subsea is continuously ramping up its capabilities and capacity to be able
to benefit from the strong market. With a steady focus on increasing its spreads
and its service capabilities as well as introducing new technology relevant for
a wide range of ocean space markets globally, the company is well positioned for
the years ahead. This is also underpinned by a substantial growth in orderbook
which grew by 62 percent compared to the last quarter of 2022.

Reach Subsea has during the past years increased its service deliveries to the
renewable markets and global markets. The acquisition of Guardian Geomatics was
an important step in obtaining access to the Australian market and world-leading
survey capabilities. The Australian market also serves as an important platform
for the Reach Remote.

"We are experiencing a high organic growth potential in the foundation we have
set the past years. Our spreads and services are gaining a larger global
footprint, and our capabilities are directly transferrable to the wider ocean
space sectors. Combined with introducing new technologies to service these
markets we are very optimistic for the years ahead", said Jostein Alendal. 

The first two USV's, named Reach Remote, are expected to be ready for commercial
projects this year. Vessel outfitting, development of subsystems and control
centers are progressing well. The testing of subsystems is starting now in
February and the extensive full-scale testing, certification, and client
verification will start later in the spring.
 
"With Reach Remote, we are taking a leading position in marine robotics, and we
are very excited about launching these vessels this year. A launch that is
slightly later than first anticipated but at no surprise and with no major
consequences." said Jostein Alendal.

Q4 2023 highlights (2022 figures in brackets):
o A record year and 4Q on all parameters driven by growth, improved pricing, and
strong project execution, producing a strong ROE of 30%.
o The Board will propose a dividend per share of NOK 0.36, a doubling from last
year and in line with the stated policy
o All time high turnover and profits for the full year 2023
o EBIT for 4Q2023 was NOK 79.5 million (NOK 34.6 million), while pre- tax result
was NOK 81.2 million (NOK 18.9 million).
o EBIT for the full year 2023 was NOK 331.8 million (NOK 105.3 million), while
pre-tax result was NOK 289.5 million (NOK 98.0 million).
o Strong outlook as evidenced by record high backlog of NOK 1.2 billion (NOK 740
million) and tender volume of NOK 8.0 billion (NOK 2.5 billion).
o After quarter end: Secured new tonnage to meet an expected strong market in
2024 and beyond across all sectors.

-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/20240214_8/

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, Brazil and Australia. 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.