Reach Subsea

Investor Presentation • Feb 14, 2024

Find out more at reachsubsea.com

Q4 2023

Everything within Reach

Presentation

Quarterly Consolidated Report

Sustainable access to ocean space

14 February 2024

Disclaimer

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Reach Subsea moved to the next level

A record year and 4Q on all parameters driven by growth, improved pricing, and strong project execution, producing a strong ROE of 30%.

The Board will propose a dividend per share of NOK 0.36, a doubling from last year and in line with the stated policy.

EBIT for 4Q2023 was NOK 79.5 million (NOK 34.6 million), while pre- tax result was NOK 81.2 million (NOK 18.9 million).

EBIT for the full year 2023 was NOK 331.8 million (NOK 105.3 million), while pre-tax result was NOK 289.5 million (NOK 98.0 million).

Strong outlook as evidenced by record high backlog of NOK 1,2 billion and tender volume of NOK 8 billion.

After quarter end: Secured new tonnage to meet an expected strong market in 2024 and beyond across all sectors.

NOK 1 996 million Revenue 2023 +72%Y/Y

NOK 331.8 million EBIT 2023 +216% Y/Y

NOK 1 200 million Order backlog +62% Y/Y

4th Quarter 2023 4

Complete provider of subsea services

Asset integrity/Pipeline inspection

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

Serving strong customer base across sectors

Reach Subsea, assets, services and technology

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	2023	2024	2025	2026	2027
Chartered vessels	Deep Cygnus Go Electra Olympic Triton Havila Subsea Offshore Surveyor Agalas newbuild Northern Maria	Construction Survey, IMR, Light Construction IMR, Light Construction Survey, IMR, Light Construction Survey IMR, Light Construction Survey, IMR
Project charter	Olympic Taurus Olympic Delta Olympic Zeus Stril Explorer	IMR, Light Construction Survey, IMR, Light Construction Construction Survey, IMR, Light Construction				Charter fixed	Option

Outstanding tender volume NOK 8 billion

Strong order backlog in start of 2024*

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

4th Quarter 2023 7

The three organic growth levers

Vessels in transport to Norway

Currently operating 6 Long Term subsea spreads, plus Short-Term project spreads

Could increase further to strengthen offering in key regions

Roughly half of spreads currently serving clients with near full scope

Substantial business potential from bringing remaining spreads to full scope

Introducing new technology and methods

Attractive market outlook that support growth strategies

Q4 2023

Financials

Reach Subsea | Quarterly Consolidated Report 2023

Financials Q4 2023 Highlights

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• Strong Q4 quarter leveraged by global operations • 2023 revenue at NOK 1.996 million

• NOK 0.36 dividend proposed for 2023

• Order backlog increased to NOK 1.2 billion

Revenue NOK 474 million (NOK 327 million), +45 %

Pre-tax profit NOK 81 million (NOK 19 million), +331 %

Cash and cash equivalents NOK 436 million (NOK 192 million)

Cash positive position; net interest-bearing debt, excl IFRS 16

leases

negative NOK 369 million (negative NOK 163 million)

EBIT

NOK 80 million (NOK 35 million), +130 %

Revenue and profits raised to record levels

Revenue increased 191 percent* last 24 months

Annual Revenue (MNOK) Annual EBIT and Pre-tax profit (MNOK)

Q4 2023 Key developments

Revenue mix Q4 2023 Improved activity and profit

International expansion continues

Revenue mix by segment (MNOK)

Positioned for growth

Solid financial position (MNOK)

Strong growth in vessel capacity and high utilization

ROV days sold and % utilization Vessel days sold and % utilization

Progress on ESG targets – full year 2023

Environment		Social
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
Achieved	Not achieved	Achieved	Not achieved
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
Achieved	Achieved	Not achieved	Achieved
Successfully bring two first USVs to market in 2023/2024		Conduct 15 supplier audits with focus on Social responsibility and the Transparency Act.
In progress		Achieved

80% completion of Code of Conduct and Antibribery courses

Not achieved

Establish renewed sustainability governance structure

In progress

Governance

Implement Taxonomy reporting system

In progress

Establish program for employee development 80% completion of cyber security courses

Not achieved

Q4 2023

Summary

ntinue for years
ity, growing global footprint
y secured at attractive financial terms
cs and emission benefits
rategy and solid balance
pace

Positioned for continued growth and value creation