Reach Subsea - AGM Information 2017

EXTRAORDINARY GENERAL MEETING - protocol

Extraordinary general meeting completed

Pursuant to notice of 16 January 2017, an extraordinary

general meeting of the shareholders of Reach Subsea ASA (the

"Company") was held today, 7 February 2017, in the Company's

premises in Haugesund.

As follows from the attached minutes, the general meeting

approved all resolutions as proposed by the board, including

issuance of 48,609,900 shares pursuant to the private

placement announced on 13 January 2017 and granting of an

authorization to the board to issue up to 8,571,500 shares

in a subsequent offering.

The shares to be issued as part of the private placement are

expected to be issued, registered in VPS and delivered on 13

February 2017, subject to timely payment. Pending

publication of a listing prospectus and listing on Oslo

Børs, the shares are from such time expected be tradable on

Merkur Market. With respect to the subsequent share

offering, this will be launched upon publication of an

offering and listing prospectus to be approved by

Finanstilsynet, currently expected ultimo February 2017. As

previously announced, shareholders as of close of trade on

12 January 2017 (as recorded in VPS on 16 January 2017) who

were not invited to participate, or applied for but were not

allocated shares, in the private placement, and who are not

resident in a jurisdiction where such offering would be

unlawful or (for jurisdictions other than Norway) would

require any prospectus, filing, registration or similar

action, will be granted non-transferable subscription rights

for up to 8,571,500. The subscription price in the

subsequent offering will be NOK 1.75 per share. Further

information on final size, timing, terms and how to

participate, will be announced in due course, and described

in the prospectus to be prepared in connection therewith."

For further information, please contact:

Birgitte W. Johansen, CFO

AI assistant