Haugesund, 12 November 2024: Reach Subsea ASA announces its third quarter results for 2024, demonstrating strong underlying financial performance, well above the same period last year. Revenue for the quarter stands at NOK 835 million and the EBIT at NOK 134 million. Year to date the company has reached a revenue milestone just above 2 billion NOK.
“We are driving Reach Subsea’s growth with a strong focus on profitability and high-quality services in which we are continuously expanding. Our Q3 results demonstrate steady, continued progress,” said CEO of Reach Subsea, Jostein Alendal.
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Reach Subsea’s commitment to integrating robotic solutions into the subsea industry is taking shape across its service offerings, with a special emphasis on remote operations. The Reach Remote USVs 1 and 2 will soon join the operational fleet, with final testing of Reach Remote 1 nearing completion. It is set to enter a technology qualification program with Equinor, TotalEnergies, and other major energy companies following delivery.
Reach Subsea reports strong client interest in participating in these innovative solutions, with additional momentum from a EUR 14.3 million grant to support the Reach Remote scale-up.
“Although Reach Remote 1 and 2 are slightly behind schedule, we are confident that these USVs will soon be firmly established in key markets. This is just the beginning, as we lay the foundation for a larger scale-up” said CEO of Reach Subsea Jostein Alendal.
Furthermore, Reach Subsea’s order backlog stands strong at NOK 1.5 billion which is nearly a threefold increase compared to the same quarter of 2023. The tender volume stands at 8.5 billion.
“We are facing exciting times ahead of us and with this momentum, we believe we are well-positioned to meet the growing demand in our industry” said CEO of Reach Subsea, Jostein Alendal.
Q3 2024 highlights (Q3 2023 results):
• A strong 3Q in terms of activity level and operating results driven by growth, strong market conditions and successful project execution.
• EBIT for 3Q2024 was NOK 134.1 million (NOK 112.4 million), while pre-tax result was NOK 115.0 million (NOK 92.3 million).
• Reach Remote is progressing with sea trials underway, clients lining up to be part of the solution, and the EU Innovation Fund granting EUR 14.3 million for Reach Remote scale-up.
• Strong outlook as evidenced by order backlog of NOK 1.5 billion and tender volume of NOK 8.5 billion.
-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/20241112_1/
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, 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 the Norwegian Securities Trading Act. This stock exchange announcement was published by Jorunn Håvardsholm, Communications and Marketing Director at Reach Subsea AS on the time and date provided.
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