Haugesund, 05 May 2026 - Reach Subsea ASA today announced its first-quarter 2026
results. Revenue for the quarter totalled NOK 551.4 million (compared to NOK 699
million in Q1 2025), while EBIT came in at NOK -192.1 million (compared to NOK
68 million same quarter last year).
The weaker quarter was mainly driven by continued low utilisation of assets,
increased depreciations, and some unfavourable operational events.
- We are not satisfied with the results of this quarter. While the softer
performance reflects a challenging quarter our key priority going forward is to
ensure that activity levels translate more directly into utilisation and
earnings, said Jostein Alendal, CEO of Reach Subsea
Operationally, activity has improved after the quarter, with all vessels now in
operation.
Subsequent to the quarter, Reach was awarded a landmark 2+1 year IMR letter of
intent. Once finalised, this will add long-term backlog and represents an
important milestone for Reach. The agreement adds a layer of financial
predictability that the company has not had before and strengthens visibility
beyond the typical short-term order book.
Reach Subsea remains firmly committed to transforming the subsea industry
through robotisation and remote operations. The Reach Remote concept is now in
stable commercial operation across multiple geographies, with more than 600
remote operational days delivered and regulatory approvals secured across key
markets.
- With Reach Remote now demonstrating consistent operational and commercial
performance, we are moving from validation into a scaling phase. As part of this
development, we have initiated the process of establishing Reach Remote as a
standalone company to enable focused growth and long-term value creation, said
Jostein Alendal.
The company's order backlog remains sound, supported by strong tender activity
and increasing demand for unmanned and remote-enabled IMR services.
1Q 2026 highlights:
o Weaker 1Q than last year, driven by continued low utilisation of assets,
increased depreciations, and some unfavourable operational events.
o Reach Remote strengthened its market position in the first quarter through the
award of key contracts, reinforcing customer confidence in remote and uncrewed
operations.
o Reach Remote being established as a stand-alone company, enabling the pursuit
of a rapid scale-up strategy.
o Awarded a landmark 2+1 year IMR and light construction letter of intent after
quarter end, will give a substantial increase in order backlog once finalized.
-ENDS-
QUARTERLY PRESENTATION
Reach Subsea's CEO Jostein Alendal and CFO Arne Joa 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://qcnl.tv/p/3mtPJRvpmITwRztI2XzJQw
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:
Arne Joa
Chief Financial Officer
Reach Subsea ASA
arne.joa@reachsubsea.no
About Reach Subsea
Reach Subsea delivers its services through a versatile fleet of vessels,
including survey, IMR, construction support, and remote vessels. Our teams
operate worldwide, providing inspection, maintenance, construction support,
survey and data services across multiple industries, supporting clients
throughout every stage of their project lifecycles. Our offshore teams are
powered by advanced ROV technology and backed by onshore engineering expertise,
turning complex ocean challenges into reliable solutions. With over 500 skilled
professionals and offices in Norway, Sweden, the UK, the US, Brazil, Trinidad,
Australia, and Singapore, our vision-'Sustainable access to ocean space'-drives
safe, innovative, and sustainable subsea operations.
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.