Reach Subsea - Capital/Financing Update 2016

APPROVED PROSPECTUR

Reference is made to the stock exchange announcement

by Reach Subsea ASA ("Reach" or the "Company")

published on 30 May 2016 regarding the general meeting

in the Company approving a private placement of

15,000,000 new shares.

The Norwegian Financial Supervisory Authority

(the "NFSA") has approved the prospectus of the

Company dated 22. June 2016 (the "Prospectus"), for

the listing of 15,000,000 shares to be issued in

connection with the Private Placement, each with a par

value of NOK 1.

The share capital increase in connection with the

Private Placement is expected to be registered in the

Norwegian Register of Business Enterprises and the

Norwegian Central Securities Depository (the "VPS") on

or about 30 June 2016.

The prospectus will be available on the following

websites: www.newsweb.no and www.reachsubsea.com. Hard

copies of the Prospectus may be obtained by contacting

Sparebank 1 SR Markets at +47 45 13 44.

For additional information, please contact: Birgitte

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

This information is subject of the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.

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