Reach Subsea — M&A Activity 2017

Jan 23, 2017

NEW VESSEL

NEW VESSEL

Reach Subsea ("Reach") has entered into an agreement

with Havila Shipping ASA for use of the subsea vessel Havila

Subsea for three years. The agreement also includes

extension options for 2 x 1 years.

Reach will mobilise its own ROV and survey equipment on

board, which constitutes a subsea spread that will be used

on our own projects within IMR, survey, light construction

and renewables. The subsea spread is expected to be ready

for operation during March 2017.

CEO Jostein Alendal, says: "We are pleased to be able to

offer another quality subsea spread to our clients, with a

vessel that fits nicely into our focus markets. An important

part of our operational strategy is to co-operate with

shipowners renowned for high quality performance, and we

look forward to co-operate with Havila in the years to come.

With a successful private placement recently completed,

providing Reach with NOK 85 million in growth capital, this

move represents an important step towards executing our

renewed growth strategy."

For further information, please contact:

Birgitte Wendelbo Johansen (CFO)