Reach Subsea — AGM Information 2016

May 9, 2016

ANNUAL GENERAL MEETING

ANNUAL GENERAL MEETING

Please find enclosed hereto a notice for the Annual

General Meeting ("AGM"), which, in accordance with the

financial calendar of the Company, will be held 30 May

2016 9.a.m. at Haraldsgata 190, Haugesund.

In connection with the AGM reference is made to the

stock exchange notice issued by the Company 26 April

2016, where the Company stated that it had been

successful in achieving a comprehensive restructuring

of its charter parties, whereas the Company meets the

future with marked based charter rates. Only details

remain before the final agreements with Solstad

Offshore ASA ("Solstad") and Østensjø Rederi AS

("Østensjø") are formalized and entered into. In the

Board Meeting as of today, the Board resolved to

propose that the general assembly resolves a private

placement in which both Solstad and Østensjø are

entitled to subscribe for 5.000.000 shares each at a

subscription price of NOK 2,- per share, with

settlement in conversion of debt that arises in

connection with the restructuring. The Board also

proposes as part of the private placement that leading

shareholders, including Accello Partners I AS and some

selected employees and Board Members, shall be

entitled to subscribe for 5.000.000 share at the same

subscription price with settlement in cash.

Subscription guarantees have been entered into by the

subscribers in the cash settled part of the private

placement. Subscription guarantees from Østensjø and

Solstad are anticipated to be entered into once the

restructuring agreement has been formalised.

In addition the Board proposes that the AGM resolves

to issue free warrants for 4.000.000 shares to

Solstad, with a strike price of NOK 3,- per share, in

accordance with what was communicated in the 26 April

2016 stock exchange notice. The warrants will not be

listed, will have a duration of 5 years, and half will

be cancelled should the charter party with Solstad be

terminated.

For additional information, please contact: Birgitte

W. Johansen (CFO): 47 99 45 12 79.