Reach Subsea (REACH)

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Reach Subsea ASA – Q1 2023: Continued strong growth and record-high order book

Reach Subsea ASA – Q1 2023: Continued strong growth and record-high order book

Haugesund, 9 May 2023: Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, today published record high revenue and and an improved EBIT for the first quarter of 2023. Revenue grew by 81 percent to NOK 234 million, and the order backlog grew 133 percent to a record-high NOK 815 million.
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“Reach Subsea is perfectly positioned in a market with strong growth in demand both within traditional oil and gas-related services and renewable energy. Our growth is enabled by a strong team, a fleet of top modern vessel fleet on financially attractive long-term charters, an upgraded equipment pool, and an end-to-end product and service offering,” said CEO of Reach Subsea Jostein Alendal.

The profitability of Reach Subsea was improved in the first quarter, which is seasonally soft in terms of utilization. Operating profit (EBIT) was negative NOK 8 million compared to negative NOK 38 million in Q1 2022. Pre tax profit was NOK 6 million compared to a loss of NOK 44 million in the same period in 2022.

“We have increased our capacity since last year, and I am happy to see that we increased our vessel utilization, which drives the margin improvement. During the first quarter, we have phased in several new vessels and spent time mobilizing and preparing them for the upcoming high season. The strong development in order backlog indicates continued strong growth, and high utilization going forward,” said Jostein Alendal.

So far this year, Reach Subsea has announced several major contracts both within oil and gas and offshore wind, including a three-year frame agreement with Equinor for work on the Norwegian continental shelf and internationally to 2026.

In 2024 Reach Subsea expects to launch its first two autonomous subsea support vessels, Reach Remote. Construction of the vessels, subsystems and control centers are progressing, and full-scale testing, certification, and client verification will commence early 2024.

“Robotics is the future in this industry. For a large range of tasks, we can use the small, cost-efficient Reach Remote support vessels with nearly no emissions. Our customer dialogue indicates great interest in the concept worldwide, and we expect to see Reach Remote ready for clients from the main season in 2024,” said Jostein Alendal.

Q1 2023 highlights (2022 figures in brackets):

• First quarter 2023 was characterized by seasonally lower utilization, and preparations for upcoming main season.
• EBIT for 1Q 2023 was NOK -8.4 million (NOK -37.7 million), while pre- tax result was NOK 5.6 million (NOK -44.3 million).
• Secured NOK 126.3 million in new equity in a private placement, and completed Viking Reach acquisition.
• On track with mobilizations, equipment upgrades and preparations for the main season in 2023 and the coming years with a fleet of top spec, modern vessels, ROVs and survey spreads.
• Strong market conditions across all sectors fuelled by high energy prices, increased focus on energy security, and structural growth in offshore renewables
• Order backlog increased further to record high level of NOK 815 million

-ENDS-

QUARTERLY PRESENTATION
Reach Subsea’s CEO Jostein Alendal and CFO Birgitte Wendelbo Johansen will host a webcast presentation of the results in English today at 9:30 CEST.

Questions may be submitted during the presentation through the webcast player.

Webcast link: https://channel.royalcast.com/webcast/hegnarmedia/20230509_4

The report and presentation will be made available at https://reachsubsea.no and www.newsweb.no.

A recorded version of the presentation will be available after the live stream is concluded.

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 Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.

Kilde

[Christian]

Fint resultat for å være Q1. Normalt er Q1 veldig dårlig pga været i nordsjøen, men når de nå har prosjekter mange andre steder i verden, så blir resultatet relativt sett veldig bra. Greit å vite de ikke får en kjempeminus hver Q1 framover.

Fra Q4 2022 presentasjonen:

Fra Q1 2023

Vil si de holder skjemaet sånn mer eller mindre. Det var vel kanskje et spørsmål om de kunne rekke noe sent i Q4 2023.

[Christian]

CEO nevner, ved denne sliden at markedet blir “tighter and tighter, driving margins”

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Notice of Annual General Meeting

Notice of Annual General Meeting

The Annual General Meeting of Reach Subsea ASA will be held 31 May 2023 at 12:00 at Reach Subsea’s headquarters at Møllervegen 6, Haugesund, Norway.
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Please find attached Notice of Annual General Meeting, including notice of attendance and proxy forms.
Remuneration report and Nomination committee recommendation are available on General meetings - Reach Subsea

All the documents to be processed at the General Meeting are available at www.reachsubsea.no

Contact information:
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.

www.reachsubsea.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.

Kilde

[TekBot]

Key information relating to proposed cash dividend

Key information relating to proposed cash dividend

Reference is made to the stock exchange announcement from Reach Subsea ASA sent today with notice for the Annual General Meeting 31 May 2023. The Board of Directors of Reach Subsea ASA has decided to propose a cash dividend of NOK 0.18 per share for the financial year 2022.
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Key information relating to cash dividend to be paid by Reach Subsea ASA:

Dividend amount: 0.18 per share
Declared currency: NOK
Date of approval: 31 May 2023
Last day including right: 31 May 2023
Ex-date: 1 June 2023
Record date: 2 June 2023
Payment date: on or about 8 June 2023

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.

www.reachsubsea.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.

Kilde

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Reach Subsea ASA – Subsea vessel Olympic Triton chartered for 3 years plus 2 years options

Reach Subsea ASA – Subsea vessel Olympic Triton chartered for 3 years plus 2 years options

Haugesund, 30 May 2023: Reach Subsea continues to build long-term capacity to serve the growing market for subsea services. Following a six-month charter of the multifunctional subsea support and construction vessel Olympic Triton, announced 6 February 2023, Reach Subsea has exercised the option to charter the vessel for 3 years plus 2 yearly options, including the six months charter announced in February.
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“The strong market growth for subsea services is expected to continue for many years, with thousands of new offshore wind turbines to be installed and serviced, and increasing activity in the traditional oil and gas sector. With an end-to-end service offering for ocean data and services, Reach Subsea is perfectly positioned, and by chartering Olympic Triton for the coming three years on attractive financial terms we are further strengthening our ability to leverage the accelerating market,” said Jostein Alendal, CEO of Reach Subsea.

Olympic Triton is a versatile and modern multifunctional subsea vessel with a 150 tons crane and a large accommodation and deck capacity, suitable to meet Reach Subsea’s clients’ requirements within both the renewable energy and oil and gas sectors. Reach Subsea has already utilized the vessel successfully for a project initiated in the first quarter 2023, for a renewable energy company in North West Europe.

“We are impressed with the performance of the vessel and the marine management from Olympic, and we are very happy to further build on our long-standing fruitful cooperation. The structure of the contract implies limited risk and a good upside for both Reach Subsea and Olympic and includes a portion of profit sharing between the two parties,” said Jostein Alendal.

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 Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.

Kilde

[Christian]

Reach Subsea tror jeg må være den aksjen jeg har som klarest er undervurdert. Masse kontrakter, tjener penger, gode marginer.

[torsteinius]

Tror det er en del som ikke har tømt seg helt etter emisjonen, tipper det demper kursen noe fremdeles.

[TekBot]

REACH - Annual general meeting in Reach Subsea ASA

The annual general meeting in Reach Subsea ASA was held today May 31, 2023. All proposals on the agenda were adopted.

Please find attached a copy of the minutes from the annual general meeting in Reach Subsea ASA.
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Key information relating to cash dividend to be paid by Reach Subsea ASA:

Dividend amount: 0.18 per share
Declared currency: NOK
Date of approval: 31 May 2023
Last day including right: 31 May 2023
Ex-date: 1 June 2023
Record date: 2 June 2023
Payment date: on or about 8 June 2023

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.

www.reachsubsea.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.

Kilde

[TekBot]

Reach Subsea ASA (REACH)- EX DIVIDEND TODAY

Reach Subsea ASA (REACH); EX DIVIDEND TODAY

The shares in Reach Subsea ASA (REACH) will be traded ex-dividend as from
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today, 01.06.2023.

Key information relating to cash dividend to be paid by Reach Subsea ASA:

Dividend amount: 0.18 per share
Declared currency: NOK
Date of approval: 31 May 2023
Last day including right: 31 May 2023
Ex-date: 1 June 2023
Record date: 2 June 2023
Payment date: on or about 8 June 2023

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.

www.reachsubsea.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Birgitte Wendelbo Johansen, Chief Financial Officer at Reach Subsea ASA on the time and date provided.
Oslo Børs

Kilde

[torsteinius]

Reach Subsea on LinkedIn: #reachsubsea #reachremote #everythingwithinreach...

[torsteinius]

Fearnley Securities ser stor oppside i oljeservicemygg

[torsteinius]

Det er vel teknisk analyse som gjør utslag idag, kan sikkert falle mer. Da vil jeg evt rotere inn mer tror jeg.

Ganske heftig omsetning til å være nå på sommeren…

[permabear]

Helt skjødesløs selging til tider, men virker som det er grei appetit på aksjer nedi 3.5-3.6. Satser på at det er noen som “må” selge & ikke at det er noe galt.

[torsteinius]

Er vel noen som får angst når de ser det tekniske bildet, og andre som ser sitt snitt til å kjøpe på salg.

[Ondeulf]

[Ondeulf]

Dette her er årsaken til kortsiktig kursfall, var noen som måtte ut og da utnytter man svingninger, kjøper for 3,5 selger for 3,7 som er grei profitt for flippere. Den 3.5 mill dealen var i går og den på 1.2 var i dag.

[Ondeulf]

Det går ikke an å legge til grunn TA på en liten aksje som reach, kommer noen med 4-500k og vil ut så styrer man kursen derfra.

[torsteinius]

Man kan selvfølgelig ikke forutsi alt, og store aktører vil kunne påvirke kursen uavhengig av TA og FA og alt annet. Dette gjelder alle aksjer, ikke bare små. Jeg fulgte med når det tippet over, så ganske teknisk ut for meg, ikke alltid helt tilfeldig når store aktører selger heller da…

[Ondeulf]

Føler at teknisk kun er noe man kan bruke på aksjer med et veldig stort volum, men det fundamentale med denne casen er veldig bra. Var selv med i nedsalget både i dag og i går, så tipper kun dette er kortsiktig. Det var forøvrig noen mini blokker. Bedre at de ble solgt slik en at de skulle bruke lang tid på å selge aksjene over børs.