Wilhelmsen New Energy AS, a wholly owned subsidiary of Wilh. Wilhelmsen Holding
ASA, has on 17 February 2022 agreed to subscribe for, and be allocated,
46,126,567 new shares in Reach Subsea ASA at a subscription price of NOK 3.25
per share. The shares will represent 21% of the shares and votes in Reach Subsea
ASA following the issuance of 33,846,153 new shares to iSurvey Holding AS (as
further described in the stock exchange notice from Reach Subsea ASA on 17
February 2022).
 
The agreement also includes the issuance of warrants (Nw.: tegningsretter),
whereby Wilhelmsen New Energy AS will receive the right to subscribe for and be
allocated an additional 44,766,864 new shares in Reach Subsea ASA at a
subscription price of NOK 4.00 per share, corresponding to 20% of the shares in
Reach Subsea ASA after the abovementioned issue of shares to iSurvey Holding AS.
The warrants have a duration of three years and can be exercised at any time.
The private placement and the issuance of the warrants will be put forth for
approval to an extraordinary general meeting in Reach Subsea ASA, to be held on
or about 14 March 2022. Subject to the approval by the extraordinary general
meeting, Wilhelmsen New Energy AS will have a combined holding of shares and
warrants of 90,893,431, corresponding to 41% of the issued shares in Reach
Subsea ASA following the share issue to iSurvey Holding AS (but not taking into
account the new shares that would be issued upon an exercise of the warrants).
Wilhelmsen New Energy AS' ownership on a fully diluted basis (taking into
account both the warrants and all outstanding stock options) will be 33%.
 
This announcement is made pursuant to section 4-2 of the Securities Trading Act.