Reach Subsea

Investor Presentation • Nov 7, 2023

Q3 2023 Financial results

Jostein Alendal – CEO Birgitte Wendelbo Johansen – CFO 7 November 2023

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Consistent strong performance along strategic path

Strong performance in the high season

+79%	+93%	+20%
Revenue Y/Y	EBIT Y/Y	order backlog Y/Y

Strong results on the back of growth, solid execution, and improved pricing

Excellent operational performance on all offshore spreads

Record high revenue level reflecting our increased capacities and global footprint

Established strong foothold in Australia and strengthened global survey competence through acquisition

Vessel capacity for long-term growth

		2023	2024	2025	2026	2027
d els e n ess w	Viking Reach
	Reach Remote 1 & 2
O	v Reach Remote 3 & 4
n	Deep Cygnus
o er els art ess h c	Go Electra
	Olympic Triton
V	Havila Subsea
ct	er Olympic Delta
art e oj h	Stril Explorer
Pr	c Olympic Zeus

Larger tenders with longer visibility Outstanding tender volume NOK 7,5 bn (up from NOK 5 bn at Q2 23)

FIRM OPTION PROJECT CHARTER

• Strong order backlog into the winter season.
• Guardian Geomatics orderbook of NOK 160 million included
• Expecting high order intake the coming months for next year season

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Complete provider of subsea services

IMR, ROV, survey, construction support and decommissioning services within the renewable and oil and gas industry

management

5 / XX

Survey and data processing Geophysical and Environmental monitoring

Reservoir monitoring technology

Reach Subsea delivering integrated solutions

• Environmentally friendly alternative to traditional 4D seismic.
• Unique, proven and protected technology developed over the past 15 years in the north sea.
• Excellent technology and method for monitoring future Carbon Capture and Storage reservoirs.
• gWatch technology is set to be deployed for massive gas fields in Australia

PROJECT IN BRIEF:

• Client: Equinor
• Vessel: Viking Reach
• Period: August October 2023
• Scope: High-precision time-lapse gravity and vertical seafloor deformation monitoring
• Fields of Operation: Troll East and Troll West, Aasta Hansteen, Irpa, Snøhvit, Albatross and Askeladd.

Expansion through acquisition of Guardian Geomatics

Horizon operations.

Effective access to the Australian market

• Add ongoing and established business in Australian and international markets.
• Surveying competence implies attractive synergies with Reach Subsea globally
• Add high competence and experience with unmanned operations.
• gWatch technology to be deployed in Australia and Asian region.
• Excellent fit with the global Reach Remote

We are taking a leading position in marine robotics and are ready for global expansion

Reach Remote will be a catalyst for international roll-out, strengthened by the Guardian Geomatics acquisition

Reach Remote – a strong business case is getting even stronger

The next steps in subsea operations

Technology is enabling a radical redesign of how ROV operations are performed: shifting from a capital- and personnel-intensive setup operated from larger, energy-intensive offshore vessels towards a lean remote and autonomous platform, with certified personnel located onshore.

Lower

CAPEX

65% 65% 90% Lower Daily OPEX

Lower

emissions

First two Reach Remote vessels expected to be ready for commercial projects in the 2024 main season

Reach Remote vessels ready for operation 2024

Vessels at Trosvik yard, Norway

2023 USV building period, Onshore control centers, EROV delivery Subsystems testing in manned operations

Q1 2024

Full-scale testing, certification and client verification

Q2 2024 Reach Remote Operational

Financials

Financials

Q3 2023 Highlights

• Rolling 12 months revenue at NOK 1.85 billion
• Improved vessel utilization to 95% in a strong quarter
• Order backlog increased 20% to NOK 530 million

Revenue NOK 651 million (NOK 365 million), +79%

EBIT NOK 112 million (NOK 58 million)

Pre-tax profit NOK 92 million (NOK 67 million)

Cash and cash equivalents NOK 137 million (NOK 225 million)

Cash positive position; net interest-bearing debt, excl IFRS 16 leases negative NOK 97 million (negative NOK 369 million)

Revenue and profits raised to record levels

Revenue increased 195 percent* last 24 months

Rolling last 12 months Revenue (MNOK)

Rolling last 12 months EBIT and Pre-tax profit (MNOK)

Q3 2023 key developments

Revenue mix Q3 (MNOK)

Improved activity and profit (MNOK)

• 79 percent revenue increase driven by
  • More project days sold
  • Increased service scope
  • Higher pricing
• Improved EBIT driven by higher activity with strong utilization and higher pricing
• Solid growth in both oil & gas sector and renewables

International expansion continues

Revenue mix by segment (MNOK)

Revenue mix by geography (MNOK)

• Strategic focus on broadening our international footprint continues – expanding to Australia post quarter end
• Key growth driver in Q3 was improved pricing and strong project execution

Positioned for growth

Solid financial position (MNOK)

• Strong liquidity and equity positions
• Raised NOK 126 million in private equity placement in Q1 2023
• Well-positioned for remaining investments in Reach Remote and mobilizations and equipment for the coming year

Strong growth in vessel capacity and high utilization

ROV days sold and % utilization

Vessel days sold and % utilization

Progress on achieving ESG targets – Q3 status

Environment		Social		In progress
Increase activity within non –Oil & Gas segment	Reduce COE emissions compared to activity levels	Work-related sick leave LTI (less than 1.0%)	Zero work-related injuries, LTI	80% completion of cyber security courses
Achieved	In progress	Achieved	Achieved	In progress
Zero major spills of hazardous materials to the sea	Maintain technical uptime at 99% or higher	Maintain turnover below 8%	Establish program for employee development	Establish renewed sustainability governance structure
Achieved	Achieved	Achieved	In progress	In progress
Successfully bring two first USVs to market in 2023/2024		Conduct 15 supplier audits with focus on Social responsibility and the Transparency Act.		Implement Taxonomy reporting system
In progress		In progress		In progress

80% completion of Code of Conduct and Anti-

bribery courses

Governance

Summary

We are in the sweet spot for continued growth and value creation

1	Growing market	High investments in oil & gas and renewable energy set to continue for years
2	Positioned for further growth	Expanded long-term vessel capacity, growing global footprint, complete product offering
3	High and growing margins	Strong execution capabilities and track record, vessel capacity secured at attractive financial terms
4	Leading the way to the future	A global leader in marine robotization with attractive economics and emission benefits
5	Attractive financials	Strong cash flow profile, shareholder friendly remuneration strategy and solid balance sheet

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