Reach Subsea

Investor Presentation • Nov 12, 2024

Find out more at reachsubsea.com

Everything within Reach

Quarterly Consolidated Presentation

Sustainable access to ocean space

Jostein Alendal, CEO | Birgitte Wendelbo Johansen, CFO | 12 November 2024

Disclaimer

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3rd3rd Quarter Quarter2024 2024 ⁹

Reach Subsea confirming steady progress

A strong 3Q in terms of activity level and operating results driven by growth, strong market conditions and successful project execution.

EBIT for 3Q2024 was NOK 134.1 million (NOK 112.4 million), while pre- tax result was NOK 115.0 million (NOK 92.3 million).

Reach Remote progressing with sea trials underway, clients lining up to be part of the solution, and the EU Innovation Fund granting EUR 14.3 million for Reach Remote scale-up.

Strong outlook as evidenced by a steady backlog of NOK 1.5 billion and tender volume of NOK 8.5 billion.

NOK 835 million Revenue Q3 2024

NOK 134.1 million EBIT Q3 2024

NOK 1 500 million

Order backlog

NOK 8.5 billion Tender volume

Vessel capacity for long-term growth

Owned vessels	VESSELS Viking Reach Reach Remote 1 & 2 Reach Remote 3 & 4	TYPE Survey, IMR, Light Construction Unmanned and Robotics Unmanned and Robotics	2024	2025
Chartered vessels	Deep Cygnus Go Electra Olympic Triton Havila Subsea Olympic Taurus Offshore Surveyor Northern Maria Agalas newbuild	Construction Survey, IMR, Light Construction IMR, Light Construction Survey, IMR, Light Construction IMR, Light Construction Survey Survey, IMR IMR, Light Construction
Project charter		Olympic Delta Survey, IMR, Light Construction

Continued strong order backlog

*Does not include options and expected call- off extensions under frame agreements

Outstanding tender volume NOK 8.5 billion (NOK 7.5 billion) Whole fleet now equipped for more value-added services, supporting further growth

3rd3rd Quarter Quarter2024 2024 ⁹

Keeping the fleet busy: Strong utilization across vessels

Reach Subsea | Quarterly Consolidated Report 2024 Sustainability Finance Financial Statements

A large ship in the water Description automatically generated

A red and white ship in the water

A boat on the water

Viking Reach Havila Subsea Deep Cygnus Go Electra

Olympic Triton Northern Maria Olympic Taurus Offshore Surveyor

Orca 1 and 2

3rd3rd Quarter Quarter2024 2024 ¹⁸

Reach Remote

Steady Progress for Reach Remote 1 & 2

Highlights Q3

Directors Report

Pilot program Joint Industry Project

Proving the capabilities of the vessel

• •Seabed mapping
• •Pipeline inspection
• •Subsea structure inspection
• •Reservoir modelling by gravimetry measurements

Successful completion of key project phases and start of sea trials

Recognition as 'Ship ofthe Year2024'

Strengthening industry collaborations

Securing EU Innovation Fund Grant of EUR 14.3m

3rd Quarter 2024

Reach Subsea | First Quarter Consolidated Report 2024

Financials

Q3 2024 Highlights

• Strong Q3 quarter leveraged by global operations

• Q3 revenue at NOK 835 million
• Order backlog remaining strong at NOK 1.5 billion

NOK 835 million (NOK 651 million)

NOK 115 million (NOK 92 million)

Cash and cash equivalents NOK 259 million (NOK 137 million)

• EBIT
• Pre-tax profit

Cash positive position; net interest-bearing debt, excl IFRS 16 leases negative NOK 111 million (negative NOK 97 million)

NOK 134 million (NOK 112 million)

Revenue and profits raised to record levels

Rolling 12-month Revenue (MNOK) Rolling 12-month EBIT and Pre-tax profit (MNOK)

*Excluding a 29,8 MNOK one-off effect from sale of one ROV in Q2-2023.

Q3 2024 Key developments

Oil and gas

• 28 percent revenue increase for the quarter driven by
  • Increased number of project days
  • Increased reimbursable cost
  • Higher pricing
  • Integrated, full service scope
• Solid growth in both oil & gas sector and renewables

Revenue mix by geography

Europe

Other

Positioned for growth

• Strong liquidity and equity positions
• Well-positioned for remaining investments in Reach Remote

Solid financial position (MNOK)

Sustainability in REACH

Zero work-related injuries (LTI)

Environment		Social		Governance
Increase activity within non –Oil & Gas segment	CO2 footprint below NSA relevant emission targets	Lost time incidents (LTI) 0%	Zero work-related injuries (LTI)	cyber security courses
Achieved	Achieved	Achieved	Achieved	Ongoing
Zero major spills of hazardous materials to the sea	Successfully bring two first USVs to market in 2024	Maintain turnover below 8%	10 apprentices and trainees participating yearly in trainee program
Achieved	Ongoing	Achieved		Ongoing

90% completion of Code of Conduct and Anti-bribery courses

Ongoing

Implement and gain 90% completion of Sustainability course

Achieved

90% completion of cyber security awareness training courses

3rd Quarter 2024

Reach Subsea | First Quarter Consolidated Report 2024

Summary

Positioned for continued growth and value creation, globally

Singapore

Haugesund, Bergen, Oslo

Aberdeen

Trinidad & Tobago

Houston

Rio

Perth

1. ATTRACTIVE MARKET OUTLOOK High investments in Oil and renewable energy set to continue for years

2. POSITIONED FOR FURTHER GROWTH

Expanded service offering, expanded longterm vessel capacity, growing global footprint

3. HIGH AND GROWING MARGINS Strong execution capabilities and track record, vessel capacity secured at attractive financial terms

4. TECHNOLOGY LEADER 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

3rd Quarter 2024