Reach Subsea (REACH)

TekBot · oktober 6, 2023, 12:01pm

Reach Subsea ASA – Obtaining strong Australian market access and world-leading survey capabilities by acquiring Guardian Geomatics

Haugesund, 06 October 2023: Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, has entered into an agreement to acquire 100 percent of the shares of the Australian marine survey company Guardian Geomatics PTY. LTD.

“I am extremely happy to welcome Guardian Geomatics into the Reach Subsea family. With Guardian’s market position in Australia, extremely experienced team and excellent proprietary surveying and data processing technology platform, the acquisition accelerates our strategic global expansion agenda and opens new doors for us in Australia and the Asia Pacific markets. Guardian Geomatics’ existing survey business is highly attractive, and as part of Reach Subsea, the company will serve as an enabler for launching our unmanned Reach Remote platform in Australia and other global markets,” said CEO of Reach Subsea Jostein Alendal.
…

Vis børsmeldingen

Key strategic benefits of the transaction:
• Adding significant survey software and hardware applicable for the global market
• Providing established market access to the Australian and Asia Pacific markets
• Strengthened offering within construction, as well as inspection, maintenance, and repair (IMR) both in existing and new markets.
• Significant synergy potential related to cross sale opportunities and due to complementary peak seasons, which allows for optimal resource utilization. No overlap with existing operations
• Well-established and highly profitable existing business
• Platform for the introduction of Reach Remote robotics in the Australian oil & gas and renewables markets
• Adding a highly competent team with vast experience from the surveying industry

Guardian Geomatics was established in February 2018 by a group of industry experts with vast industry experience from among other places Fugro. The company has been highly successful since the launch. In FY 2023 (fiscal year ending 30 June), revenues reached AUD 41.7 million, a growth of 96 percent compared to FY 2022. 2023 EBITDA was AUD 6.2 million, a growth of 41 percent.

Guardian Geomatics offers a variety of marine survey solutions to the oil and gas industry, and Government sector clients. These include geographical, hydrographic, oceanographic and environmental surveys. In addition, Guardian conducts geotechnical site Investigations, positioning and ROV Services, as well as providing prime contracting and consulting services. The business is highly complementary to Reach Subsea’s existing operations and offers significant synergies with Reach Subsea.

Founders and current shareholders of Guardian Geomatics, Steve Duffield and Paul Kennedy are still fully engaged in the company.

“We are excited to become a part of Reach Subsea, which is renowned as an innovative and successful player in the industry. We are impressed with Reach Subsea’s growth strategy, and we see important complementary capabilities of the two companies. This acquisition will permit the continued business growth and development of uncrewed technologies and will be a cornerstone of the offshore industry into the future.” said Paul Kennedy, Managing Director of Guardian Geomatics.

“There is no overlap with Reach Subsea’s survey division today and Guardian Geomatics will strengthen our offering significantly, especially in the fields of unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), reporting and high spec survey delivery. Further, Guardian will play a vital role in the execution of our eight-year monitoring contract in Australia. The combination of Reach and Guardian is a perfect example of how two plus two becomes more than four,” said Jostein Alendal.

Key terms:
• Reach Subsea purchases 100 percent of the shares in Guardian Geomatics with expected closing during November 2023.
• The purchase consideration paid to selling shareholders will consist of approximately 16 million new shares in Reach Subsea ASA, plus AUD 5.5 million in cash to be paid one year after the closing date. The exact number of consideration shares to be issued will be determined on the closing date.
• The consideration shares issued to selling shareholders are subject to a 4-year lock-up structure, whereby 25% of the shares are released on each anniversary.
• The transaction is subject to certain customary closing conditions

-ENDS-

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.

Kilde

torsteinius · oktober 6, 2023, 1:45pm

https://guardiangeomatics.com/

22 MARCH 2022: GUARDIAN GEOMATICS NEWS ANNOUNCEMENT

Ocius Technology Ltd. and Guardian Geomatics Pty. Ltd. have signed an agreement for Guardian Geomatics to supply survey services and equipment for deployment onboard the Ocuis unmanned surface vessel, Bluebottle BEACON.

This is an exciting opportunity for Guardian Geomatics to work with another innovative Australian company, and world leader in Unmanned Surface Vessel (USV) development. The project will also add to Guardians’ growing experience in acquiring hydrographic and oceanographic data from both USV and AUV operations, as Guardian Geomatics has been contracted to supply and install both hydrographic and oceanographic equipment onto BEACON.

Above: Guardian Geomatics will be providing survey services and equipment to Ocius Bluebottle BEACON unmanned surface vessel (USV).

Ocius Technology Ltd. are a marine technology provider at the forefront of the development of renewable energy propulsion and automated systems. Their Bluebottle class USVs are equipped with a patented ‘keel winch’ to lower sensors to variable depths as required by the project for survey data collection.

Guardian Geomatics will then be utilising their proprietary Subsea-Cloud and GG Maps to deliver and display the acquired data in near real-time.

Initial trials and demonstrations will be conducted offshore NSW, Australia, before the complete system is shipped to an international client who will undertake hydrographic surveys in the Pacific Ocean.

Prosentvis endring i antall Reach aksjer≈6.26%

In FY 2023 (fiscal year ending 30 June), revenues reached AUD 41.7 million, a growth of 96 percent compared to FY 2022. 2023 EBITDA was AUD 6.2 million, a growth of 41 percent.

Cashen Reach må ut ed er i størrelsesorden det som selskapet har i EBITDA…

Renskapet til Reach vil sikkert se litt dårligere ut på papiret i et par kvartaler, er vel det de reagerer på de som selger. Etter det ser det bedre ut… Jeg har god tid…

Oppkjøpet har sikkert noe med Reach Remote å gjøre, siden de allerede har en del tilsvarende teknologi på plass.

lalaland · oktober 6, 2023, 1:39pm

De som tenkte utbytte 2023, legg det på is. Her er det et selskap som rigger for vekst, det vil kanskje ikke synes så godt neste 2-3 kvartalene. Men med autonom drift og Equinor som stadig tar større biter i Australia ser dette lovende ut. Det er sikkert noen krav om å bruke lokale selskaper. Nå er Reach lokale

torsteinius · oktober 6, 2023, 4:05pm

lalaland · oktober 9, 2023, 11:41am

I mangel på finansiell informasjon om Guardian Geomatics ble jeg noe beroliget av at de oppskalerer voldsomt (ansettelser) og virker være tett på bruk av sine USV’er.

Åpenbart ikke de mest hardføre farkostene jeg har sett, men dertil lette å frakte og sette ut. Liker også at de har en arabisk profil på siden av farkosten.

Verdt en titt da hjemmesidene er så som så og inneholder null finansiell info. Mest sannsynlig et selskap med høy gjeld.

torsteinius · oktober 9, 2023, 12:06pm

Ser ganske solide ut synes jeg, siden de kan ta ned “seilet”… Men de har ikke en SUV slik som reach remote.

Mest sannsynlig et selskap med høy gjeld.

Det kan være, synes Reach fikk selskapet overaskende billig…

De bruker tydeligvis AI for å trene USVene, det kan sikkert overføres til Reach Remote over tid.

TekBot · oktober 10, 2023, 6:01am

Reach Subsea has now signed survey contract with major Scottish energy firm SSEN Transmission

Haugesund, 10 October 2023: With reference to the release dated 17 August 2023 regarding notice of a contract award, Reach Subsea, the trusted data and subsea service provider for ocean-based industries, announces the signing of the final contract and further details on the assignment.

The contract constitutes a detailed corridor survey for the Spittal to Peterhead HVDC power cable. The data will be used for detailed engineering and environmental assessment of potential cable routes with the survey corridor. The contract counterparty is SSEN Transmission, the transmission network operator responsible for the high voltage electricity transmission network in the north of Scotland. SSEN Transmission is carrying out a significant upgrade of the electricity transmission network in the region, launching a ‘Pathway to 2030’ programme of projects to facilitate the increase in renewable energy generation across the north of Scotland and deliver a network for net zero emissions.
…

Vis børsmeldingen

The work is scheduled for execution in the fourth quarter of 2023, with a duration of approximately 75 vessel days. The ROV survey vessel Viking Reach with its permanently mobilized high-speed Surveyor Interceptor ROV will be utilized.

“We have ramped up our capacity significantly over the last couple of years to serve a rapidly growing market with a broadened service offering. Our international presence is expanding fast with Aberdeen as a core location, and we are extremely pleased to be welcoming SSEN Transmission as a new significant client. The contract win is a strong endorsement of Reach Subsea’s attractivity for large clients and capabilities in solving complex tasks within the HVDC Transmission energy segment,” said CEO of Reach Subsea Jostein Alendal.

“The Surveyor Interceptor ROV (SROV) can provide more data of higher quality and higher resolution at higher speed and in more severe weather conditions than any other survey platform and is well suited for this assignment off the Scottish coast. We believe the contract with SSEN Transmission is an important step in our expansion strategy in the UK,” said Alastair McKie, Managing Director of Reach Subsea UK.

“We are delighted to have secured marine survey services from Reach Subsea for the Spittal to Peterhead HVDC Project. This is a hugely important step in underpinning the timely delivery of this important project, which forms part of a major upgrade of the electricity transmission network across Great Britain that is required to help meet the UK and Scottish Governments 2030 renewable energy and climate change targets. We look forward to working with the team at Reach Subsea,” said David Inge, Lead Project Manager at SSEN Transmission.

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.

Kilde

torsteinius · oktober 10, 2023, 11:10pm

torsteinius · oktober 14, 2023, 10:30am

torsteinius · oktober 17, 2023, 6:28am

tooeasy891 · oktober 19, 2023, 12:20pm

torsteinius · oktober 30, 2023, 8:42am

TekBot · oktober 31, 2023, 8:01am

Reach Subsea ASA - Invitation to presentation of the third quarter 2023 results

Haugesund, 31 October 2023 – Reach Subsea ASA will publish its financial results for the third quarter of 2023 on Tuesday 07 November 2023 at 07:00 CET. The company’s CEO Jostein Alendal and CFO Birgitte Wendelbo Johansen will host a webcast presentation of the results in English on the same day at 9:30 CET.

Date: 07 November 2023
…

Vis børsmeldingen

Time: 09:30 CET
Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20231107_7/

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. Participants will have the opportunity to submit questions online throughout the webcast session.

-ENDS-

For more information please contact:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.no

This information was submitted for publication by Marketing and Communications Manager Jorunn Håvardsholm, on behalf of the Company at the date and time set out above.

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.

Kilde

torsteinius · november 3, 2023, 12:50pm

Sverresen · november 6, 2023, 1:30pm

Bra rykk i dag. Noen med forventninger til morgendagens rapport?

Saksa · november 6, 2023, 3:09pm

Tipper det blir noe bedre enn 2Q, Oms.: 700 mill og Ebit på 120 mill…

TekBot · november 7, 2023, 6:01am

Reach Subsea ASA – Q3 2023: Strong growth in revenue and profitability, continued positive outlook

Haugesund, 7 November 2023: Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, today published its third quarter 2023 results with solid revenue and profitability growth. Revenue grew by 79 percent to NOK 651 million, whereas EBIT was NOK 112 million, compared to NOK 58 million in Q3 2022, with EBIT margin reaching 17.3 percent.

“The third quarter of 2023 was another record-breaking quarter for Reach Subsea, and we have now experienced robust revenue growth for nine straight quarters. On a rolling 12-month basis, our revenue now stands at NOK 1.85 billion, and over the past two years, we’ve nearly tripled our revenue on this same basis. Our order backlog was record-high when we entered the summer season, which has been the by far the busiest period in the company’s history,” said CEO of Reach Subsea, Jostein Alendal.
…

Vis børsmeldingen

During the past two years, Reach Subsea has ramped up its capabilities and capacity to be able to benefit from the strong market. In October the company obtained access to the Australian market and world-leading survey capabilities through the acquisition of Guardian Geomatics. The company offers a variety of marine survey solutions to the oil and gas industry, and Government sector clients. These include geographical, hydrographic, oceanographic, and environmental surveys.

“We are thrilled to welcome an extremely experienced team and an excellent proprietary surveying and data processing technology platform into the Reach Subsea family. The acquisition accelerates our strategic global expansion agenda and opens new doors for us in Australia and the Asia Pacific markets. Guardian Geomatics will serve as an enabler for launching our unmanned Reach Remote platform in Australia and other global markets,” said Jostein Alendal.

The first two autonomous subsea support vessels, named Reach Remote, are expected to be ready for commercial projects in the 2024 main season. The construction of the hulls is completed, whereas outfitting, development of subsystems and control centers are progressing, while full-scale testing, certification and client verification will progress in the new year.

“With Reach Remote, we are taking a leading position in marine robotics, and we are now ready for global expansion. These unmanned vessels promise to revolutionize the industry, boasting substantial reductions in costs and emissions, together with enhanced personnel safety. Coupled with our expanded, cost-efficient traditional vessel fleet and our comprehensive subsea services offering, we stand poised for sustained growth and positive development on the back of the strong market outlook for the upcoming years,” said Jostein Alendal.

Q3 2023 highlights (2022 figures in brackets):
• Record high quarterly turnover and continued strong EBIT driven by growth, improved pricing, and strong project execution
• EBIT for the third quarter 2023 was NOK 112.4 million (NOK 58.4 million), while pre-tax result was NOK 92.3 million (NOK 67.3 million)
• EBIT for the first nine months of 2023 was NOK 252.3 million (NOK 70.6 million), while pre- tax result was NOK 208.4 million (NOK 79.2 million)
• Strong market conditions across all sectors fueled by high energy prices, increased focus on energy security, and structural growth in offshore renewables.
• Strong growth outlook with larger tenders with longer visibility. Outstanding tender volume NOK 7,5 bn (up from NOK 5 bn at Q2 23)

-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 CET.
Questions may be submitted during the presentation through the webcast player.
Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20231107_7/
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.

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.

Kilde

TekBot · november 7, 2023, 6:01am

Reach Subsea ASA – Q3 2023: Sterk vekst i inntekter og lønnsomhet, fortsatt positive fremtidsutsikter

Haugesund, 7. november 2023: Reach Subsea ASA offentliggjør i dag resultatet for tredje kvartal 2023 med solid vekst i driftsinntekter og lønnsomhet. Driftsinntektene økte med 79 prosent til 651 millioner kroner, mens EBIT var 112 millioner kroner, sammenlignet med 58 millioner kroner i tredje kvartal 2022. Det tilsvarer en EBIT-margin på 17,3 prosent.

– Tredje kvartal 2023 var nok et rekordkvartal for Reach Subsea, og vi har nå levert solid inntektsvekst i ni kvartaler på rad. På en rullende 12-måneders basis har inntektene våre nådd 1,85 milliarder kroner, og i løpet av de seneste to årene har vi nær tredoblet inntektene våre på samme basis. Ordreboken var på sitt høyeste nivå da vi gikk inn i sommersesongen, som i år har vært den mest travle perioden i selskapets historie, sier Jostein Alendal, administrerende direktør i Reach Subsea.
…

Vis børsmeldingen

Gjennom de seneste to årene har Reach Subsea styrket selskapets kapasitet for å dra nytte av det sterke markedet. I oktober 2023 sikret Reach Subsea seg tilgang til det australske markedet og verdensledende oppmåling- og kartleggingskapasitet gjennom oppkjøpet av Guardian Geomatics. Selskapet tilbyr ulike marine kartleggingsløsninger for olje- og gassindustrien, samt kunder i offentlig sektor. Dette inkluderer geografiske-, hydrografiske-, oseanografiske- og miljøundersøkelser.

– Vi er svært glade for å ønske et erfarent team og en utmerket kartlegging- og dataprosesseringsplattform velkommen i Reach Subsea-familien. Oppkjøpet fremskynder vår strategiske globale ekspansjon og åpner nye muligheter for oss i APAC-regionen. Guardian Geomatics vil også være en katalysator for lanseringen av vår ubemannede plattform Reach Remote i Australia og andre globale markeder, sier Alendal.

De to første ubemannede støttefartøyene for undervannsoperasjoner, Reach Remote, forventes å være klare for kommersielle prosjekter i løpet av hovedsesongen i 2024. Bygging av skrogene er fullført, mens utrustning, utvikling av delsystemer og kontrollsentre er i arbeid. Fullskala testing, sertifisering og klientverifisering vil fortsette på nyåret.

– Med Reach Remote tar vi en ledende posisjon innen marin robotikk, og vi er nå klare for global ekspansjon. Disse ubemannede fartøyene vil revolusjonere industrien ved gjennom betydelige kostnads- og utslippsreduksjoner, i tillegg til forbedret sikkerhet for personalet. Sammen med vår utvidede, kostnadseffektive flåte av tradisjonelle fartøy og vårt omfattende tilbud av subseatjenester, er vi klare for bærekraftig vekst og positiv utvikling i lys av de sterke markedsutsiktene for de kommende årene, sier Alendal.

Høydepunkter for Q3 2023 (Q3 2022 i parentes):
• Rekordhøye driftsinntekter og fortsatt sterk EBIT drevet av vekst, bedre priser og god gjennomføring av prosjekter
• EBIT for tredje kvartal 2023 var 112,4 millioner kroner (58,4 millioner kroner), mens resultat før skatt var 92,3 millioner kroner (67,3 millioner kroner)
• EBIT for de første ni månedene av 2023 var 252,3 millioner kroner (70,6 millioner kroner), mens resultat før skatt var 208,4 millioner kroner (79,2 millioner kroner)
• Sterkt marked i alle sektorer drevet av høye energipriser, økt fokus på energisikkerhet og strukturell vekst innen offshore fornybar energi
• Sterke vekstutsikter med større anbud og lengre kontrakter. Utestående anbudsverdi på 7,5 milliarder kroner (opp fra 5 milliarder kroner i andre kvartal 2023).

-SLUTT-

KVARTALSPRESENTASJON
Reach Subsea vil holde en presentasjon av resultatene på engelsk i dag klokken 9:30 CET.
Spørsmål kan sendes inn under presentasjonen via nettsendingsavspilleren.
Lenke til webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20231107_7/
Rapporten og presentasjonen vil bli tilgjengelig på https://reachsubsea.no og www.newsweb.no.
Et opptak av presentasjonen vil være tilgjengelig etter at direktesendingen er avsluttet.

For mer informasjon, vennligst kontakt:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.no

Om Reach Subsea
Reach Subsea ASA Group tilbyr høykvalitetsløsninger og teknologi til kunder med behov for havdata og tjenester. Tjenestene tilbys fra vårt hovedkontor i Haugesund, samt fra våre datterselskaper og avdelinger lokalisert over hele Norge, USA, Storbritannia, Kypros, Singapore, Trinidad og Brasil. Gruppens mål er å være en foretrukken partner og fullserviceleverandør av havtjenester for kunder, med fokus på sikkerhet, miljø, økonomisk soliditet og lønnsomhet. Vår visjon “Bærekraftig tilgang til havrommet” understreker vårt engasjement for utviklingen av bærekraftige løsninger.

Denne informasjonen anses som innsideinformasjon i henhold til EUs regulering om markedsmisbruk (MAR) og er underlagt kravene til offentliggjøring i henhold til MAR artikkel 17 og Section 5-12 i den norske verdipapirhandelloven. Denne børsmeldingen ble publisert av Jorunn Håvardsholm, markeds- og kommunikasjonssjef hos Reach Subsea AS, på den angitte tidspunktet og datoen.

Kilde

Christian · november 7, 2023, 9:48am

Diluted earnings per share på 0,57 for de første 9 mnd av 2023. Kanskje 15-20 øre til for Q4, så totalt rundt 0,75 EPS for 2023. Kurs 4,77 gir da P/E på 6,4.

Så klare i april, dvs om 5 måneder.

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

Dette er vel hovedårsaken til at det er såpass stor forskjell på diluted/ikke diluted EPS. Jeg antar disse warrantene vil bli brukt og vil gi Reach Subsea 179 MNOK, eller ca 60 øre pr utvannet aksje. Burde nok over ha regnet med det. Dvs redusert kurs med ca 60 øre, så P/E blir da på 5,6.

Metallian · november 7, 2023, 9:51am

Takk for bra innlegg!