Reach Subsea (REACH)

Christian · november 22, 2022, 11:00am

Nice! Reach sa i sist presentasjon at de så etter oppdrag utenfor kjerneområdet sitt i Q1, siden de har andre kontrakter på skipene enn tidligere. Dette kommer til å komme godt med.

TekBot · november 24, 2022, 3:39pm

Reach Subsea secures cost attractive long-term vessel capacity through acquisition of Edda Sun and charter of Go Electra

Haugesund, 24 November 2022: Reach Subsea ASA the trusted data and subsea service provider for ocean-based industries, has secured significant vessel capacity for the coming four years through an agreement to acquire the multipurpose ROV support vessel Edda Sun for USD 29 million and a charter contract for the multipurpose ROV support vessel Go Electra with a duration, including options, through 2027.

With the favorable terms on the two new vessels, and the existing charters of Havila Subsea and Deep Cygnus, Reach Subsea now has a long-term core fleet portfolio with an estimated 20-30 percent cost advantage compared to the current market. This will be further improved with the launch of the unmanned Reach Remote vessels, set for launch in 2023.
…

Vis børsmeldingen

“We are currently seeing record high activity and face a market with a solid growth outlook for years to come. Hence, the market for vessel capacity will be very tight, but we are now perfectly positioned to maneuver and take advantage of the growing demand for both short-term and multi-year assignments,” said Jostein Alendal, CEO of Reach Subsea.

The Go Electra charter agreement is for four years firm with an option to extend for one year, with a highly competitive fixed charter rate and a profit share arrangement.

The USD 29 million acquisition of Edda Sun represents a new development for Reach Subsea, as the company’s operations have thus far been based on chartered vessel capacity. However, the implied charter rate derived from the purchase price on the vessel is below the charter rates we are offered on other similar vessels in the market.

“In the current market, it is attractive from a cost perspective to own parts of the ROV vessel capacity. Owning the vessel also implies a mitigation of any cost inflation risk in the coming years, as well as being able to credibly cater to our clients growing need for long term solutions,” said Jostein Alendal.

Edda Sun was built in 2009, whereas Go Electra was built in 2011. They are both highly versatile ROV support vessels, well fit for Reach Subsea’s broad range of subsea survey, inspection and maintenance activities (IMR) as well as construction and decommissioning activities. They are fuel efficient and are capable of operating in harsh weather conditions with low down-time.

Edda Sun will be mobilized with one work-class ROV and one high-speed Surveyor Interceptor in time for the high activity season in the North Sea. Go Electra will be available for Reach Subsea early 2023 and will be mobilized with one work-class ROV and one observation ROV.

Settlement of the Edda Sun acquisition will take place in March 2023, and is subject to consent from our banks, and satisfactory vessel inspection. Execution of the Go Electra charter agreement is also subject to satisfactory vessel inspection. Reach Subsea is considering various financing opportunities for the transaction, including debt, equity, partnering, or a combination of these sources.

Contact information:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.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.

www.reachsubsea.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by CFO Birgitte Wendelbo Johansen, on behalf of the Company at the date and time set out above.

Kilde

Rodjer · november 24, 2022, 3:43pm

Kontraktene kommer som perler på en snor

torsteinius · desember 6, 2022, 9:35am

TekBot · desember 8, 2022, 7:15am

REACH SUBSEA ASA – SUBSTANTIAL SHAREHOLDING DISLOSURE: iSURVEY HOLDING AS AND NORVESTOR VI, LP

Reference is made to the shareholding disclosure made by iSurvey Holding AS (the “Company”) and Norvestor VI, LP, a fund managed by Norvestor Investment Management S.a.r.l, (“Norvestor”) on 18 October 2022 regarding distributions of shares in Reach Subsea ASA ("Reach”) in connection with the contemplated liquidation of the Company. As this liquidation will now complete, Norvestor through its wholly owned subsidiary Survey Holding AS will hold 29 116 897 shares in in Reach, currently representing 12.95% of the shares and votes in the company. Norvestor does not, directly or indirectly, hold any other shares, rights to shares or other financial instrument related to shares in Reach. The liquidation is expected to complete on or about 12 December 2022. Prior to the liquidation of the Company, neither Norvestor nor Survey Holding AS owned any shares, rights to shares or other financial instruments related to shares in Reach.

Following the liquidation, the Company will hold no shares, rights to shares nor any other financial instruments related to shares in Reach.
…

Vis børsmeldingen

This disclosure is being made pursuant to section 4-2 of the Norwegian Securities Trading Act.

07.12.2022

Kilde

TekBot · desember 8, 2022, 7:59pm

Reach Subsea - Exercises under share incentive program

Reach Subsea - Exercises under share incentive program

Haugesund, 08 December 2022: 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.
…

Vis børsmeldingen

The window for exercising vested options expiring in 2022 ended on 08 December 2022 at 16:00 CET

Based on the applications received, the Board of Directors of the Company has allocated a total of 812,500 new shares to the participants in the incentive program. The Subscription price for the shares was NOK 2.82 per share.

The Board of Directors has, on the basis of an authorisation granted to it by the Annual General Meeting held on 30 May 2022, resolved to increase the share capital of the Company by NOK 812,500, through issuance of 812,500 new shares, each with a nominal value of NOK 1.

The following Company primary insiders have purchased shares under the share incentive program:

• Jostein Alendal, CEO: 150,000 shares. Following the purchase, he beneficially owns 5,739,539 shares in Reach (includes 5,679,539 shares owned by his 50% owned investment company JT Invest AS) and holds 300,000 options.
• Bård Høgheim, CCO: 150,000 shares. Following the purchase, he beneficially owns 610,625 shares in Reach and holds 300,000 options.
• Inge Grutle, COO: 150,000 shares. Following the purchase, he beneficially owns 1,069,179 shares in Reach (includes 1,059,179 shares owned by his 50% owned investment company Invicta Invest AS) and hold 300,000 options.
• Birgitte Johansen, CFO; 75,000 shares. Following the purchase, she beneficially owns 224,050 shares in Reach and holds 300,000 options.

Following payment of the new shares by the employees in the incentive program and registration of the share capital increase with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret), the new share capital of the Company will, subject to all new shares being duly paid for, be NOK 225,725,928 divided into 225,725,928 shares, each with a nominal value of NOK 1. Furthermore, unvested options equivalent to 2,000,000 shares remains outstanding under the Company’s share incentive programme.

Contact information:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.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. www.reachsubsea.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by CFO Birgitte Wendelbo Johansen, on behalf of the Company at the date and time set out above.

Kilde

TekBot · desember 16, 2022, 1:30pm

Financial calendar

TekBot · desember 17, 2022, 10:06am

REACH SUBSEA ASA – Notification of trade by close associate of primary insider

REACH SUBSEA ASA – Notification of trade by close associate of primary insider

North Energy ASA announces the establishment of a new fully owned subsidiary “North Industries 1 AS” and the subsequent transfer of 46 126 567 shares at a price of 4.04 per share in Reach Subsea ASA to the newly established subsidiary.
…

Vis børsmeldingen

North Energy ASA and North Industries AS is close associates of primary insider Rachid Bendriss (chairman of the Board in Reach Subsea ASA).

As a consequence of the restructuring and the transfer, North Industries 1 AS holds 46 126 567 shares in Reach Subsea, representing 20,5% of the shares in the company.
After the transfer North Energy ASA do not directly hold any shares in Reach Subsea ASA. However, at North Energy’s group level there is no change in the ownership of Reach Subsea ASA.

Instrument details:
Reach Subsea ASA
LEI: 5967007LIEEXZXK7FS45
ISIN: NO0003117202

For additional information, please contact:
Rachid Bendriss, co-CEO
(+47) 926 60 603
rb@northenergy.no

This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

This message was issued by Birgitte Wendelbo Johansen, CFO in Reach Subsea ASA, at 17.12.2022 11:03.

Kilde

torsteinius · desember 17, 2022, 5:28pm

En gammel post, men om et halvt års tid kan det være vi ser resultater:

“En operasjon som vanligvis involverer et mannskap på over 30 om bord på et skip skal snart fjernstyres fra land”

TekBot · desember 27, 2022, 12:29pm

Registration of the new shares

Registration of the new shares

Reference is made to our announcement 08.12.2022, where the Board of Directors resolved to increase the Company’s share capital in relation with an incentive share program for employees. The Board of Directors, on the basis of an authorisation granted to it by the Annual General Meeting held on 30 May 2022, resolved to increase the share capital of the Company by NOK 812,500, through issuance of 812,500 new shares, each with a nominal value of NOK 1, at a subscription price equal to the Offer Price.
…

Vis børsmeldingen

Following the increase the Company`s share capital is NOK 225,725,928 divided into 225,725,928 shares.

The share capital increase has now been registered in the Companies Register (Foretaksregisteret).

Contact information:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.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.

www.reachsubsea.no

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. The information was submitted for publication by CFO Birgitte Wendelbo Johansen, on behalf of the Company at the date and time set out above.

Kilde

Christian · desember 27, 2022, 10:42pm

De virket skråsikre på at det kom til å fungere på en av q presentasjonene. De har hatt rett i mye annet. Kan bli veldig gøy!

torsteinius · januar 2, 2023, 8:23pm

Christian · februar 3, 2023, 8:42am

Fra Q3 rapporten:

Pre-commissioning work with emphasis on detail engineering
and supply chain evaluations for the build phase is ongoing. In
preparation of Reach Remote being operational in 2023, Reach
aims to have the onshore control room ready during the first half
of 2023 in order to start ROV operations on selected projects.
Reach Remote is on track for delivery late 2023.

Det er virkelig ikke lenge til USV-prosjektet kommer i drift nå. Antar at de får kontrollrommet oppe og gå i Q2 og de begynner å bruke USV-ene på kommersielle prosjekter i Q4 2023, utover i 2024, så antar jeg de vil trappe opp bruken etterhvert som de får håndtert barnesykdommer.

Q4 rapporten er 14. februar, så om 11 dager.

Tekk · februar 3, 2023, 8:47am

Reach er bare så behagelig å være tolmodig i:-) Trygg finansiering også selv om opsjonen til Wilhelmsen kanskje holder kursen litt igjen. Buy and hold case dette. Et langskudd man kan føle seg sjeldent trygg på.

Christian · februar 3, 2023, 9:00am

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.

Så Wilhelmsen har fram til februar 2025 på å løse inn warrantene.

Det hadde ikke overrasket meg hvis Reach Subsea gjør et oppkjøp finansiert av at Wilhelmsen løser inn opsjonen.

Jeg tenker at kursen i Reach Subsea holdes tilbake av at alt ser svært lovende ut, men at potensialet nok først blir utløst i løpet av 2023/24. Som gjør det til en fin tid å bare sitte på aksjene.

Fra Q3 rapporten:

Jeg liker spesielt godt hvor nært EBIT og pre tax profits følger hverandre.

TekBot · februar 6, 2023, 2:16pm

Reach Subsea awarded contract with major renewables energy company, and signs contracts for new vessel to serve a continued strong market

Reach Subsea awarded contract with major renewables energy company, and signs contracts for new vessel to serve a continued strong market

Haugesund, 06 February 2023: Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, has been awarded a 6 months plus options contract from a major renewable energy company for delivery of offshore wind related services. In order to be able to serve this contract, Reach increases vessel capacity through a charter contract and a corresponding option arrangement with Olympic Subsea for the multifunctional subsea support and construction vessels Olympic Triton.
…

Vis børsmeldingen

“The market for subsea services is strong and Reach Subsea has recently taken significant steps in order to secure increased and cost-efficient vessel capacity for the coming years. The Olympic Triton is a modern and versatile vessel which will be an important add-on to our fleet. The structure of the contract implies limited risk and a good upside for Reach and our partners,” said Jostein Alendal, CEO of Reach Subsea.

Olympic Triton is a versatile multipurpose supply vessel (MPSV) with a 150 tons crane and a large accommodation and deck capacity.

The charter has a duration of 6 months plus options, matching the duration of the contract with our renewable energy client. Further, Reach has an option to extend for another 3 plus 2 years within a 4-week period from signing. Olympic Triton will be delivered to Reach Subsea in Q1 2023 in conjunction with start-up of the renewable energy contract. The added capacity comes with a limited risk and significant upside for Reach Subsea, and includes an element of profit sharing.

“I am happy to announce this expansion of capacity, which is needed to serve the increased demand from our clients. As it looks right now, we will this season provide services to our client from at least 7 subsea spreads . All in all, we are well positioned in a market which will be driven not only by high activity in the oil and gas sector, but also increasingly renewable energy – not the least offshore wind,” said Jostein Alendal.

Contact information:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.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.

www.reachsubsea.no

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. The information was submitted for publication by CFO Birgitte Wendelbo Johansen, on behalf of the Company at the date and time set out above.

Kilde

Christian · februar 6, 2023, 7:51pm

Må si jeg liker når de må leie inn en ekstra skute fordi de fikk en kontrakt til. Da er det ikke mye ledig tid på de skutene de har leid inn fra før.

Olympic Triton will be delivered to Reach Subsea in Q1 2023 in conjunction with start-up of the renewable energy contract.

Så oppstart om mindre enn 6 uker. Nice.

Tror Reach Subsea er en av mine mest undervurderte investeringer.

lalaland · februar 6, 2023, 8:25pm

Tror vi vil se en reprising 14.02, markedet vil få øynene opp for en periode fremover. Sjeldent godt posisjonert for et voksende marked, med voldsom betalingsevne/vilje for markedsledende teknologi med CO2 besparelser.

Savner de gode gamle månedlige rapportene, men samtidig desto mer glede til Q

torsteinius · februar 6, 2023, 8:50pm

Edda Sun er på vei også, tror ikke de har fått den ennå…

Christian · februar 6, 2023, 9:01pm

Prata litt med en på chatten som mente Edda Sun nok hadde gått opp i betraktelig i verdi siden avtalen om kjøpet ble inngått. Uten at salg av akkurat tilsvarende båter var blitt gjort. Jeg har ingen peiling på dette, men det høres troverdig ut.