Reach Subsea — Share Issue/Capital Change 2021

Dec 22, 2021

Reach Subsea - Result of offer under the share incentive program

Reach Subsea - Result of offer under the share incentive program

Haugesund, 22 December 2021: Reference is made to the stock exchange notice on 9 December 2021 published by Reach Subsea ASA (“the Company”), regarding the first part of the new share incentive program. The application period expired on 20 December 2021 at 16:00 CET.

The subscription price for the shares in the Offer was set to NOK 2.25 per share, which approximately equals the volume-weighted average share price for the Company's shares on the Oslo Stock Exchange during the ten trading days prior to, but not including, 9 December 2021, with a discount of 25%.

Based on the applications received, the Board of Directors of the Company has allocated a total of 360,000 new shares to the participants in the first part of the incentive program.

Furthermore, the Board of Directors has, on the basis of an authorisation granted to it by the Annual General Meeting held on 11 June 2021, resolved to increase the share capital of the Company by NOK 360,000, through issuance of 360,000 new shares, each with a nominal value of NOK 1, at a subscription price equal to the Offer Price.

The following Company primary insiders have purchased shares under the Offer:

• Jostein Alendal, CEO: 10,000 shares. Following the purchase, he beneficially owns 5,589,539 shares in Reach (includes 5,529,539 shares owned by his 50% owned investment company JT Invest AS) and holds 600,000 options.

• Bård Høgheim, CCO: 10,000 shares. Following the purchase, he beneficially owns 460,625 shares in Reach and holds 600,000 options.

• Inge Grutle, COO: 10,000 shares. Following the purchase, he beneficially owns 919,179 shares in Reach (includes 909,179 shares owned by his 50% owned investment company Invicta Invest AS) and hold 600,000 options.

• Birgitte Johansen, CFO; 10,000 shares. Following the purchase, she beneficially owns 149,050 shares in Reach and holds 600,000 options.

Following payment of the new shares by the employees in the incentive program and registration of the share capital increase with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret), the new share capital of the Company will, subject to all new shares being duly paid for, be NOK 144,940,708, divided into 144,940,708 shares, each with a nominal value of NOK 1.

This information is subject to the disclosure requirements in Regulation EU 596/2014 (Market Abuse Regulation) article 19 and the Norwegian Securities Trading Act Section 5-12.

For further information, please contact:

Jostein Alendal, CEO Reach Subsea ASA, jal@reachsubsea.no

Birgitte Wendelbo Johansen, CFO Reach Subsea ASA, bwj@reachsubsea.no

About Reach Subsea:

The Reach Subsea ASA Group’s business concept is to offer subsea services as subcontractor and/or directly to end clients, based out of our head office in Haugesund. The core business of the Group is based on modern, high spec Work ROVs operated by highly qualified offshore personnel, and supported by onshore engineering resources. The Group’s objective is to be a preferred subsea partner and full-service provider of subsea operations for clients, among others by having focus on safety, environment, financial solidity and profitability.

www.reachsubsea.no