Reach Subsea - Share Issue/Capital Change 2017

Private placement completed - new shares issued

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN

OR TO U.S. NEWS WIRE SERVICES OR INTO THE UNITED STATES,

AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN

WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Haugesund, 13 February 2017

Reference is made to previous announcements by Reach Subsea

ASA (the "Company") regarding the private placement and

issuance of 48,609,900 new shares each with a nominal value

of NOK 1, at a price of NOK 1.75 per share (the "Private

Placement").

The share capital increase pertaining to the new shares

issued in the Private Placement has now been registered with

the Norwegian Register of Business Enterprises. The new

shares will be issued VPS under temporary ISIN NO 001

0782600, and will, subject to timely payment, be delivered

to the investors that have been allotted shares today.

The new shares will be listed on Oslo Børs following the

publication of a listing prospectus which is currently

expected to be published by the end of February. Pending

such publication, the new shares will be admitted to

temporary trading on Merkur Market from tomorrow, 14

February 2017.

Following completion of the Private Placement, the Company's

new registered share capital is now NOK 139,850,965 divided

into 139,850,965 shares, each with a nominal value of NOK 1.

For further information please contact:

Birgitte Wendelbo Johansen, CFO.

www.reachsubsea.no

This information is subject of the disclosure requirements

pursuant to section 5-12 of the Norwegian Securities Trading

Act.

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