Reach Subsea – Contract signed with Kongsberg Maritime to build the first two game changing Reach Remote unmanned offshore vessels

Reach Subsea - Contract signed with Kongsberg Maritime to build the first two game changing Reach Remote unmanned offshore vessels

13 Apr 2022 13:15 CEST

Reach Subsea - Contract signed with Kongsberg Maritime to build the first two
game changing Reach Remote unmanned offshore vessels

Haugesund, 13 April 2022: Reach Subsea ASA ("Reach"), a provider of subsea
services globally, has signed a landmark contract with Kongsberg Maritime AS,
part of the Kongsberg Group, for the construction of the first two in a series
of Reach Remote unmanned offshore surface vessels (USVs), which will serve as
mobile power banks, data centres and communication modules for underwater ROVs
(remotely operated vessels). Both the USVs and ROVs will be operated from an
onshore control centre.

"We are happy and proud to achieve this important milestone for the Reach Remote
project, which will be a gamechanger for the industry and for us. Reach Remote
will enable 20-30 percent reduced cost for clients and 90-100 percent reduction
in emissions compared to today's large, manned control vessels," said CEO of
Reach Subsea, Jostein Alendal.

The Reach Remote project is developed by Reach Subsea jointly with Kongsberg
Maritime and Massterly. In February 2022, a collaboration agreement with
Wilhelmsen, covering an equity investment in Reach Subsea and a strategic
co-operation for the commercialization of Reach Remote was announced. Wilhelmsen
has been a pioneer in driving autonomous and remote marine operations and
represents the ideal global partner needed for Reach to commercialize Reach
Remote. Additionally, Reach Subsea has recently announced the acquisitions of
OCTIO, including Monviro, and iSURVEY. The acquisitions represent a strong
strategic fit with the Reach Remote service concept.

Reach Subsea expects delivery of the two first Reach Remote systems mid-2023.
The total investment for the first two Reach Remote units, which includes the
Kongsberg contract as well as upfront development and infrastructure investments
to the benefit of future units is NOK 380-400 million. The investment will be
financed through loans from SR-Bank and Eksfin and proceeds from the private
equity placement in which Wilhelmsen invested NOK 150 million in February 2022.

"With our strong partners, world-leading technology and solid financial
foundation, Reach Remote is an attractive project, which we will bring to the
market with perfect timing. We see firm demand from the traditional oil and gas
segments combined with rapidly growing emerging market segments like renewable
energy. The interest in Reach Remote is strong in all parts of our global
network of customers," said Jostein Alendal.

Egil Haugsdal, President of Kongsberg Maritime said: "The Reach Remote project
has the impressive ambition of providing a full portfolio of subsea services
from a low-emission, cost-effective remote and autonomous fleet. These
improvements to operational emissions and safety sit very neatly in line with
Kongsberg Maritime's wider objective."

For more information, please contact:

Jostein Alendal
CEO
Reach Subsea ASA
[email protected]

Birgitte Wendelbo Johansen
CFO
Reach Subsea ASA
[email protected]

www.reachsubsea.no

About Reach Subsea:
Reach Subsea ASA Group offers subsea services as a 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, focusing on safety, environment, financial
solidity and profitability.

More information:
Access the news on Oslo Bors NewsWeb site

Source

Reach Subsea ASA

Provider

Oslo Børs Newspoint