Reach Subsea ASA
OSE:REACH
Reach Subsea ASA
Reach Subsea ASA is a holding company, which engages in the provision of offshore and subsea services to the oil industry. The company is headquartered in Haugesund, Rogaland and currently employs 109 full-time employees. The company offers subsea services as subcontractor directly to end customers. The Company’s business is based on Remotely Operated Underwater Vehicles (ROV) operated by offshore personnel and supported by onshore project management and engineering resources. Reach Subsea operates through two segments: the Oil & Gas segment, that is engaged in surveying, Inspection, Maintenance and Repair (IMR) and light construction projects for oil & gas companies while the Renewable/Other segment provides those services to non-oil & gas companies. The Company’s services include also geophysical monitoring services, environmental monitoring services as well as in-house engineering. Reach Subsea ASA has several subsidiaries, such as Reach Subsea AS, Connect Offshore AS and Reach International AS.
Reach Subsea ASA is a holding company, which engages in the provision of offshore and subsea services to the oil industry. The company is headquartered in Haugesund, Rogaland and currently employs 109 full-time employees. The company offers subsea services as subcontractor directly to end customers. The Company’s business is based on Remotely Operated Underwater Vehicles (ROV) operated by offshore personnel and supported by onshore project management and engineering resources. Reach Subsea operates through two segments: the Oil & Gas segment, that is engaged in surveying, Inspection, Maintenance and Repair (IMR) and light construction projects for oil & gas companies while the Renewable/Other segment provides those services to non-oil & gas companies. The Company’s services include also geophysical monitoring services, environmental monitoring services as well as in-house engineering. Reach Subsea ASA has several subsidiaries, such as Reach Subsea AS, Connect Offshore AS and Reach International AS.
Financial Miss: Q4 results came in below management’s targets, mainly due to weaker vessel utilization, lower project margins, and start-up costs for new technology.
Revenue Decline: Revenue fell to NOK 606 million from NOK 685 million in Q4 2024, with EBIT swinging to negative NOK 60.5 million.
Remote Vessel Progress: Reach Remote vessels moved from trials to real commercial use, achieving over 370 days of unmanned operations and significant emissions cuts.
Cash & Liquidity: Operational cash flow remained strong, and a new NOK 735 million loan facility was secured, supporting funding needs.
Fleet & Expansion: Traditional fleet capacity is unchanged, while Reach Remote 3 and 4 are on track for delivery, with certification time improving sharply.
Market Outlook: Management expects a challenging and turbulent market to continue but is focused on improving planning, utilization, and cost discipline.
