Reach Subsea - Closing of acquisition of the offshore survey company iSurvey

Haugesund, 22 March 2022: Reference is made to previous announcements by Reach
Subsea ASA ("Reach" or the "Company") on 17 February 2022 regarding the
acquisition of the offshore survey company iSurvey for NOK 135 million, as well
as the resolution made by the Company's extraordinary general meeting held on 15
March 2022 approving the related share capital increase by issuance of
consideration shares. 

The parties have today initiated closing of the acquisition, and has as part
thereof completed the subscription of and payment (in kind through set-off) for
the 33,846,153 consideration shares to be issued. The only remaining step of the
acquisition is now registration of the share capital increase with the Norwegian
Register of Business Enterprises (Nw.: Foretaksregisteret). Following such
registration, the new share capital of the Company will be NOK 178,786,861,
divided into 178,786,861 shares, each with a nominal value of NOK 1. 

For further details, see announcement of 17 February 2022 available on
www.newsweb.no.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

For more information, please contact: 

Jostein Alendal, CEO 
Birgitte Wendelbo Johansen, CFO/IR 

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.