Haugesund, 19 April 2024 - Reach Subsea ASA has today published its Annual and
Sustainability Report for 2023.
The annual accounts and reports were approved by the Board of Directors on 15
April 2024. These numbers are identical to the preliminary 2023 accounts
published as part of the Reach Subsea ASA fourth quarter 2023 report on 14
February 2024.
"2023 marked another step for Reach Subsea. The company saw a tremendous surge
in revenue, achieving record high numbers and robust profitability growth across
all quarters. Significant milestones included the acquisition of the Viking
Reach vessel in collaboration with Eidesvik Offshore, as well as the acquisition
of Guardian Geomatics to enhance survey capabilities and entry into the
Australian market. During 2023, the Reach Remote unmanned surface vehicles
(USVs) have progressed well, transitioning from sketch to steel, including
vessel outfitting, development of subsystems, and control centers. Furthermore,
we secured a long-term core fleet on favourable terms, a testament to our
growing strength and strategic foresight in the ocean space industry," said
Reach Subsea's CEO, Jostein Alendal.
Reach Subsea is well-positioned in a rapidly growing market driven by high
activity in both the oil & gas sector and the accelerating renewable energy
sector.
"We have a solid growth outlook both short- and long-term. Our order backlog,
counted from the start of 2024, is NOK 1.6 billion, 105% 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 cost-effective fleet,
including unmanned vessels with over-the-horizon control," said Jostein Alendal.
According to Reach Subsea's Sustainability report, 70% of the company's
sustainability goals were achieved in 2023.
"With ocean services at the heart of our operations, Reach Subsea remains
steadfastly committed to the preservation and health of our oceans. Our spreads
and services are gaining a larger global footprint, and our capabilities are
directly transferrable to the wider ocean space sectors, which are continuously
increasing. Recognizing the importance of sustainable practices, we have
developed a robust and forward-looking sustainability strategy crucial for
attracting talent, customers, and capital. Our ambitions for the future are
high, and we are at the forefront of remote operations and robotization within
the industry. The impending launch of our first two Reach Remote unmanned
surface vessels-set for later this year-exemplifies our dedication to
innovation. These vessels are designed to operate with 90 percent lower
emissions than traditional models, significantly advancing our and our clients'
goals for achieving net zero emissions," said CEO of Reach Subsea, Jostein
Alendal.
As described in the Reach Subsea ASA fourth quarter 2023 report, the Board
proposes a dividend of NOK 0.36 per share, doubling from last year and in line
with the stated policy, to be resolved at the Annual General Meeting on 31 May
2024. The Notice of the Company's Annual General Meeting will be sent to the
shareholders in a separate announcement.
The "Reach Subsea ASA Annual and Sustainability Report 2023" along with 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 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,
Marketing and Communications Manager at Reach Subsea ASA on the time and date
provided.