Reach Subsea — M&A Activity 2017

Jan 13, 2017

TRADE NOTIFICATION

TRADE NOTIFICATION

REACH - trade notification

Reference is made to announcement by North Energy ASA

("North") on 12 January 2017 concerning a series of

transactions involving Accello Partners I AS ("Accello") and

shares in Reach Subsea ASA ("Reach"), as well as

announcement by Reach today concerning completion of a NOK

85 million private placement.

As announced, North/Accello has subscribed for and been

allocated 14,285,700 shares at NOK 1.75 per share in the

private placement. Following and subject to completion of

the private placement and the Accello acquisition reported

on 12 January 2017, North will, through Accello hold

40,109,712 shares in Reach, representing 28.7% of the share

capital of Reach.

Board member of North Energy and Accello Partners Anders

Onarheim also serves as director of the board of Reach.

For further information, please contact:

Birgitte Wendelbo Johansen