Reach Subsea - Exercises under share incentive program

Haugesund, 08 December 2023: Reference is made to the stock exchange notice on 9
December 2021 published by Reach Subsea ASA ("the Company"), regarding the
Company's share incentive program. The window for exercising vested options
expiring in 2023 ended on 08 December 2023 at 10:00 CET.
Based on the applications received, the Board of Directors of the Company has
allocated a total of 850,000 new shares to the participants in the incentive
program. The Subscription price for the shares was NOK 2.64 per share. 

The Board of Directors has, on the basis of an authorisation granted to it by
the Annual General Meeting held on 31 May 2023, resolved to increase the share
capital of the Company by NOK 850,000, through issuance of 850,000 new shares,
each with a nominal value of NOK 1. 

The following Company primary insiders have purchased shares under the share
incentive program: 
o Jostein Alendal, CEO: 150,000 shares. Following the purchase, he owns 150,000
shares in Reach in addition to 5,739,539 shares owned by his 50% owned
investment company JT Invest AS and holds 150,000 options. 
o Bård Høgheim, CCO: 150,000 shares. Following the purchase, he owns 780,000
shares in Reach and holds 150,000 options. 
o Inge Grutle, COO: 150,000 shares. Following the purchase, he owns 10,000
shares in Reach in addition to 1,209,179 shares owned by his 50% owned
investment company Invicta Invest AS and holds 150,000 options. 
o Birgitte Johansen, CFO