Wilhelmsen agrees to acquire a 21% stake in Reach Subsea as part of strategic
partnership for commercialization of Reach Remote.
 
Haugesund, 17 February 2022: 

Reference is made to the stock exchange announcement published on 8 February
2022 regarding the offer received by Reach Subsea ASA ("Reach") for a
collaboration agreement covering an equity investment in Reach and a strategic
co-operation for the commercialization of Reach Remote. Reach Subsea today
announced that Wilhelmsen New Energy AS ("Wilhelmsen") has entered into an
investment agreement (the "Agreement") whereby Wilhelmsen has agreed to become a
21% shareholder in Reach through subscribing for NOK 150 million in a directed
private placement. The investment agreement forms part of a broader partnership,
which will see the launch of the Reach Remote Unmanned Surface Vehicles (USVs).

Under the Agreement, Wilhelmsen has agreed to subscribe for, and be allocated,
46,126,567 new shares in Reach at a subscription price of NOK 3.25 per share.
The agreement also includes the issuance of warrants (Nw.: tegningsretter),
whereby Wilhelmsen will receive the right to subscribe for and be allocated an
additional 44,766,684 new Reach shares at NOK 4.00 per share. The warrants have
a duration of three years, can be exercised at any time, and will if fully
exercised provide Reach with an additional NOK 179 million in new growth equity.
The private placement and the issuance of the warrants will be put forth for
approval to an extraordinary general meeting in Reach to be held on or about 14
March 2022. 

The Reach Remote concept, operationalized in cooperation with Kongsberg Maritime
and Massterly, was launched early 2021 with a support grant from Innovation
Norway. Reach is on track for the delivery of its two first Reach Remote USVs in
2023. By 2025, the company's ambition is to provide a full portfolio of subsea
services from a low-emission, cost-effective remote and autonomous fleet. Reach
now has a term sheet in place with Sparebank 1 SR-Bank for a NOK 200 million
debt facility for the first two USVs. Combined with the NOK 150 million private
placement, the company will be able to embark on the construction and
commercialization phase of Reach Remote.

"We are very pleased to welcome an established industry player such as
Wilhelmsen onboard as a strategic partner. Wilhelmsen has been a pioneer in
driving autonomous and remote marine operations. By combining our core maritime
competencies, global footprints, and wide-ranging networks, we will scale up the
Reach Remote project and future-proof the marine subsea services through safe
and sustainable solutions that will dramatically lower operational costs and the
environmental footprint of operations," said Jostein Alendal, CEO of Reach
Subsea.

The Reach Remote USVs will serve as mobile power banks, data centers and
communication modules for underwater ROVs (Remotely Operated Vehicles), with the
USVs operated from Massterly's onshore control centers. Features for both real
time operator control and autonomous operations will be incorporated, as well as
hybrid modes blending remote and semi-autonomous control. 

Reach Remote will build on framework agreements already in place to position
Reach as a preferred supplier of survey-, inspection-, and light repair services
to the existing subsea market and the fast-growing offshore wind industry. Reach
Remote will also be key to providing services to emerging markets, such as
deep-sea mining, carbon storage, offshore aquaculture and environmental
surveillance and data gathering. 

Jan Eyvin Wang, Executive Vice President, New Energy at Wilhelmsen said: "We
have been actively assessing the subsea market to find a company that could add
complementary scale to our ambition within renewables. We see potential to grow
within emerging sectors such as offshore wind, subsea cables and other offshore
electrification infrastructure, carbon storage and deep-sea mining. Through
their strong customer relations, extensive experience and cutting-edge
technology gained from offshore oil and gas, Reach Subsea is an ideal partner."

"Wilhelmsen represents the ideal industrial global partner needed for Reach to
scale and commercialize Reach Remote. This partnership will benefit both
companies and their international customer base across sectors. On behalf of
North Energy, I am pleased to welcome Wilhelmsen, who shares our strategic
visions for Reach, as a new major shareholder in Reach," said Rachid Bendriss,
Chairman of Reach and co-CEO of North Energy.

Advokatfirmaet Schjødt AS acted as legal advisor and Fearnley Securities AS as
financial advisor to Reach in the transaction. 

The election committee of Reach will propose to the Annual General Meeting that
Espen Gjerde, VP Strategy and M&A in Wilhelmsen, is elected as a new board
member of Reach. The proposal is supported by Reach's existing major
shareholder, North Energy ASA.

Reach invites to a webcast presentation of the iSURVEY acquisition and the
partnership agreement with Wilhelmsen tomorrow, Friday 18 February 2022, at
10:00 CET. 
Reach Chairman Rachid Bendriss will host the presentation in English, on this
direct link: 
https://channel.royalcast.com/landingpage/hegnarmedia/20220218_10/ 
A recorded version of the presentation will be available after the live stream
is concluded. Participants will have the opportunity to submit questions online
throughout the webcast session.

For further information, please contact:
Rachid Bendriss, Chairman of the Board, rb@northenergy.no 

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.