Reach Subsea (REACH)

[TekBot]

Reach Subsea Strengthens Order Backlog with New Contracts

Haugesund, 04 June 2024: Reach Subsea ASA continues to increase its order backlog after securing multiple new contracts, contract extensions and call-offs within the scope of our existing contracts and frame agreements.

Reach Subsea has recently secured contracts with an estimated total value of 500 million NOK for 2024 and 2025.
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“We are capitalizing on strong market demand and are pleased to report the continued strengthening of our order backlog. It also serves as a positive market indication that our project schedule in the ocean sector extends throughout 2025, offering greater long-term visibility.” says Jostein Alendal, CEO of Reach Subsea

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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 Brazil and Australia. 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 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Jorunn Håvardsholm, Group Communication and Marketing Director at Reach Subsea, at the time and date provided.

Kilde

[Christian]

@TekBot

Reach Subsea has recently secured contracts with an estimated total value of 500 million NOK for 2024 and 2025.

Tilsvarende omsetningen for litt mindre enn ett kvartal. Liker at de kommer med en oppdatering på dette midt i kvartalet, så får man en følelse på hvordan backloggen kommer til å se ut ved neste rapport.

[theroger]

Ship of The Year 2024 – Her er de nominerte

[theroger]

https://www.earthdoc.org/content/journals/10.3997/1365-2397.fb2024025

[torsteinius]

Reach Subsea on LinkedIn: #reachsubsea #teamexpansion #engineeringexcellence...

[theroger]

https://www.seatrade-maritime.com/sustainability-green-technology/automation-proliferates-across-norway

[torsteinius]

Vidar Hole on LinkedIn: It was most interesting to visit Reach Subsea’s first...

Reach Subsea on LinkedIn: #nexuscommandcentre #reachsubsea...

Espen Gjerde on LinkedIn: Introducing Reach Remote - a major milestone for...

[E24Bot]

Investtech-analyse: To kjøp og ett salg blant oljeaksjene

Investtech-analyse: To kjøp og ett salg blant oljeaksjene

[Metallian]

Reach Subsea skyter fart etter år med dvale

[Metallian]

Liten obs- journalisten roter vel litt her- står 10mrd ordre- det er nok tenderne de er med på, ikke inngåtte avtaler.

[torsteinius]

Det er bare Radio Haugesund, så de har vel begrenset med påvirkning på børsen.

[TekBot]

Reach Subsea collaborates with Equinor for Reach Remote USV Qualification Program.

Haugesund, 21 June 2024: Reach Subsea AS has entered into an agreement with Equinor to conduct technology qualification program for the Reach Remote USVs. Reach Subsea’s USVs, Reach Remote 1 and 2, have entered the final testing stage. This contract confirms the qualification pilot program necessary to validate their intended operations, with financial support from Equinor.

The pilot project with Equinor includes a variety of relevant survey, ROV intervention, IMR and monitoring related work scope which will demonstrate the full capacity of the Reach Remote spread.
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The scope of work is designed to showcase the capabilities of the USVs and the electric work ROVs to various stakeholders within Equinor and beyond. This involves demonstrating survey data acquisition and ensuring the safe operation of the equipment, including the use of checklists and drills.

The main goal of this campaign is to validate remote operations for various tasks such as seabed mapping, structure inspection (including photogrammetry), pipeline inspection, guard vessel duties, environmental monitoring, and reservoir modelling using gravimetric measurements. Reach Subsea operates control rooms in various locations, including both fixed facilities and mobile containment setups.

This contract is a milestone not only for Reach Subsea but for the entire subsea industry. It confirms the interest and commitment of major industry players to utilize innovative technology required to deliver on the climate ambitions stated in the Paris Agreement.

“We are committed to being part of the required transition, and our Reach Remote USVs represent a significant step in the subsea market, with CO₂ emissions estimated to be reduced by 90% compared to conventional vessels. This contract with Equinor supports the validation process needed to ensure the USVs can be utilized in operations later this year. This is just the first step, and I expect to see a rapid increase in the use of remote technology in the years ahead,” said Jostein Alendal, CEO of Reach Subsea.

The pilot program with Equinor is planned to be executed directly after the delivery of the vessels estimated autumn 2024. The scope of work is part of a full-scale operation and will be executed offshore in the North Sea and Norwegian Sea on production fields such as Troll, Gullfaks, Snorre and Åsgard.

• END -

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 Brazil and Australia. 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]

Reach Subsea on LinkedIn: #reachsubsea #reachremote #usv #collaboration...

[Ubruklig]

Dette er stort! Ikke lenge før kursmålene kommer tett som hagl.
Økende interesse. Dette blir ukens brennhete aksje. Krydret med investtech oppmerksomhet

[Ubruklig]

Timer til et nytt eventyr! Dette blir stort. Lekes med p|e på 10.

[Lundekunde]

Liten grunn til at Reach skal ha PE 10 for å være ærlig. Bør være lavere med tanke på syklisk industri

[Ubruklig]

Nå er reach virkelig havnet på kartet. Alle piler har pekt opp siste året og nå kommer den virkelige kurs akselerasjonen tror jeg.

Virkelig et solid selskap og være investert i over tid og helt sikkert kortsiktig

[Sverresen]

Gøy å se litt aktivitet her. Følger med fra siden, og setter pris på alle linker og innspill.

[theroger]

[Christian]

Ser for meg hvordan det funker:

Å faen, kursen til Reach Subsea er over 7 kr, vi må øke den! Hvor mye er kursen nå? 7,92? Da kan vi ikke sette 8 kr, skal vi si 9 kr? Nei, la oss si 9,50, så kanskje vi ikke trenger å flytte kursmålet før etter ferien.

… det samme på vei nedover også.