Haugesund, 13 February 2025: Reach Subsea ASA announces its fourth quarter and
preliminary full year results for 2024, demonstrating another record year. For
the full year 2024 the company has reached a revenue of 2.7 billion NOK.
Revenue for the quarter stands at NOK 685 million and the EBIT at NOK 80
million. The board intends to propose a dividend per share of NOK 0.42, in line
with the stated policy.
- We are experiencing strong growth through high project activity and service
expansions. 2024 turned out to be yet another record year for Reach Subsea with
an EBIT of NOK 364 million, up by 20% from underlying levels last year, said CEO
of Reach Subsea, Jostein Alendal.
Reach Subsea's commitment to integrating robotic solutions into the subsea
industry is demonstrated in several ways. Reach Remote USV 1 has successfully
completed sea trials and is now being prepared for its pilot, a technology
qualification program in cooperation with Equinor, TotalEnergies, and other
major energy partners, while Reach Remote 2 is making strong progress in its
commissioning program.
Supporting these advancements, the company has developed Reach Horizon, a
central platform for managing and overseeing remote operations. This system
provides operators, surveyors, experts, management, and clients with 24/7 access
to field projects from any location, whether in the office or at home. Already
implemented and in use across the fleet, Reach Horizon is now fully set up for
deployment in the Reach Remote technology program.
- We are beyond ready to finally demonstrate Reach Remote 1 and associated
remote technology in the upcoming technology qualification program, said CEO of
Reach Subsea Jostein Alendal.
Furthermore, Reach Subsea's order backlog stands strong at NOK 1.2 billion, with
higher margins than last year, and the tender volume stands at 9 billion.
Q4 2024 highlights:
- Another record year in terms of activity and operating results driven by
strong market conditions and solid project execution.
- EBIT for Q4 in line with last year, with lack of progress partly explained by
projects and associated profits moving into Q1 2025.
- Solid outlook with a backlog of NOK 1.2 billion that has higher inherent
margins than backlog last year, and a strong prospect list for the rest of 2025.
- The Board will propose a dividend per share of NOK 0.42, in line with the
stated dividend policy.
-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/20250213_11/
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.