Haugesund, 09 November 2023: Reach Subsea , the trusted data and subsea service
provider for ocean-based industries, has signed an attractive three or five-year
charter contract and additional options with Agalas for a modern IMR/Survey
vessel with low emission, smart lifting arrangement and a state of the art
equipment package that can be adapted to several market segments, with delivery
early 2026. 

"The market for subsea vessels is expected to remain tight for the foreseeable
future, and with the innovative Agalas low-emission vessel, we will to an even
larger degree be able to leverage the global market and continue our profitable
growth. The vessel is well suited for solving complex tasks within the rapidly
growing renewables energy sector, oil & gas as well as emerging ultra deep-water
seabed surveys for the seabed mineral industry. The vessel equipped with a
150-ton AHC knuckle boom crane and a spacious deck area of approximately 900
square meters makes it well-suited for conducting IMR and construction work."
said Jostein Alendal, CEO of Reach Subsea.

The vessel, equipped with dual fuel gensets, can run on either methanol or a
combined MGO/battery system, bolstering Reach Subsea's commitment to
sustainability and climate. When powered by methanol, the vessel's CO2 emissions
are anticipated to be approximately 70 percent lower than those of the existing
fleet. When using the MGO/battery system it is projected to achieve a reduction
of around 20 percent.

"Our vision 'Sustainable access to ocean space' is an important guiding
principle in our decision making, and the low-emission vessel from Agalas is an
important step supporting this direction. This in addition to our Reach Remote
vessels currently being built will have a great impact in reducing our emissions
going forward" said Jostein Alendal.

The new vessel will be constructed at the Sefine Shipyard in Turkey. It will be
tailored to Reach Subsea's requirements, and specifications have been developed
in close collaboration between Reach, Agalas and NSK Ship Design (as designer).
It will be equipped with an innovative ROV launch and recovery system (LARS) and
prepared for the deep-water seabed survey market. 

"The contract with Reach Subsea marks a significant milestone in our commitment
to sustainability, technological innovation, and the continued growth of our
operations. We look forward to the opportunities and growth that this
partnership with Reach Subsea offers and the positive impact our low-emission
vessel will have on the industry and the environment. Together, we are
pioneering a new era in subsea services and sustainability, and we are really
looking forward to continuing the great relationship with Reach," said Mats
Nygaard Johnsen, CEO of Agalas. 

The contract is subject to final approval from SR Bank, Eksfin and Sparebank1
Nord Norge . 


Vessel	        Parameters
Dimensions	99,9 x 21m
Class	        DNV
Crane	        150t AHC knuckle boom
Deck area	~900m2 
Accommodation	100 persons
Other	        DP2, SPS, 2 x WROV hangars, Hybrid dual fuel propulsion with
battery package 


-END-


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.