Reach Subsea: OCTIO awarded multi-year geophysical monitoring contract with A/S
Norske Shell

Haugesund / Bergen, 4th February 2022: 
OCTIO, a subsidiary of Reach Subsea ASA ("Reach"), has secured a multi-year
geophysical monitoring contract with A/S Norske Shell for the Ormen Lange field.
OCTIO has delivered services to A/S Norske Shell for over a decade, and this
contract further solidifies the long-standing relationship between the two
parties. 

"OCTIO welcomes the opportunity to continue to support A/S Norske Shell at Ormen
Lange, Norway's second-largest gas field, with our cost-efficient gWatch
technology, which increases gas production in a sustainable fashion," said Leon
Løvheim, CEO of OCTIO.

OCTIO's contract with A/S Norske Shell is valid until January 2026, with two
one-year extensions. 

OCTIO deploys proprietary gWatch service to deliver gravimetry and seabed
subsidence measurements and has set an industry standard for accuracy and
efficiency of gravimetry surveys. In 2020, OCTIO completed the 7th gWatch survey
for A/S Norske Shell at the Ormen Lange field. A/S Norske Shell acquires these
measurements every second year to refine field recovery strategy and increase
gas production.

OCTIO gWatch surveys complement or replace 4D seismic at 1/10 of the price and
1/3 of the delivery time. With gWatch, customers reduce the frequency of, or
completely remove the need for, 4D seismic surveys, improve reservoir
management, and optimize subsea infrastructure across the shelf and deepwater
gas fields.
License partner companies at the Ormen Lange field are A/S Norske Shell
(operator), Petoro AS, Equinor Energy AS, INEOS E&P Norge AS, and Vår Energy AS.

For further information, please contact:
Leon Løvheim, CEO of OCTIO, leon.lovheim@octio.com
Birgitte Wendelbo Johansen, CFO of Reach Subsea ASA, bwj@reachsubsea.no

About Reach Subsea:
The Reach Subsea ASA Group's business concept is to offer subsea services as
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, among others by
having focus on safety, environment, financial solidity and profitability.

www.reachsubsea.no