Haugesund, 31 March 2023 - Reach Subsea ASA has today published its Annual
Report and Sustainability Report for 2022.
The annual accounts and reports were approved by the Board of Directors on the
28 March 2023. The numbers are identical to the preliminary 2022 accounts
published as part of the Reach Subsea ASA fourth quarter 2022 report published
14 February 2023.
"2022 was a tremendous year for Reach Subsea. Not only did we reach record high
revenue and operation profit, but we also broadened our offering through the
successful integration of iSurvey and Octio, secured a long-term core fleet on
highly attractive terms, strengthened our balance sheet, entered a strategic
partnership with Wilhelmsen and advanced our Reach Remote project, which is
bringing us into the robotic future," said CEO of Reach Subsea Jostein Alendal.
Reach Subsea is well positioned in a rapidly growing market driven by high
activity in the oil & gas sector as well as an accelerating green energy
transition.
"We have a solid growth outlook both short- and long-term. Our order backlog,
counted from the start of 2023, is NOK 780 million, 7 times higher than one year
earlier. With a complete subsea offering and state of the art technology, we are
ready and able to capture the market opportunities with a renewed and
cost-effective fleet," said Jostein Alendal.
According to Reach Subsea's Sustainability report, 14 of the company's 16
sustainability goals were achieved in 2022.
"As a company working on and below our beautiful oceans with a significant oil &
gas related activity, a credible and ambitious sustainability strategy is
essential to be able to attract talent, customers, and capital. Our ambitions
for the years to come are high, and we are proud to be one of the leading forces
in the industry when it comes to remote operations and robotization. Our two
first Reach Remote unmanned surface vessels are expected to be launched towards
the end of this year. With 90 percent lower emissions than a traditional vessel,
Reach Remote will be a strong contributor to the net zero emission goal both we
and our customers are working towards," said Jostein Alendal.
As described in the Reach Subsea ASA fourth quarter 2022 report, the Board
proposes a dividend of NOK 0.18 per share, in accordance with the company's
dividend policy, to be resolved at the Annual General Meeting on 31 May 2023.
The Notice of the Company's Annual General Meeting will be sent to the
shareholders in a separate announcement.
"Reach Subsea ASA Annual Report 2022" and "Reach Subsea ASA Sustainability
Report 2022" and the company's annual financial statements in European Single
Electronic Format (ESEF) follow enclosed and are also available on the Company's
website.
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 of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act. The information was submitted for
publication by CFO Birgitte Wendelbo Johansen, on behalf of the Company at the
date and time set out above.