Haugesund, 18 November 2025 - Reach Subsea ASA today announced its third-quarter
2025 results, delivering sound performance while continuing investments in
remote technology development. Revenue for the quarter totaled NOK 688 million
(down from NOK 835 million in Q3 2024), while EBIT came in at NOK 51 million
(compared to NOK 134 million last year).
The softer quarter was mainly driven by lower-than-expected asset utilisation
due to a slowdown in the market combined with extraordinary implementation costs
linked to Reach Remote. These investments, however, represent a major milestone
in the company's long-term strategy.
- Our recent quarters have been impacted by a backdrop with lower vessel
utilization, and adapting to this is a top priority for us. As the industry
places increased emphasis on disciplined investments and prudent spending, so
are we. The extensive verification programme of Reach Remote and additional time
and cost over the past six months are relatively small compared to the
breakthrough this represents, said Jostein Alendal, CEO in Reach Subsea
.
Reach Subsea remains firmly committed to transforming the subsea industry
through robotisation. With Reach Remote 1 and 2 now operational across multiple
time zones and orders placed for Reach Remote 3 and 4, the scale-up is well
underway.
- The business case is sound even on a single-unit basis, and further fleet
expansion will strengthen the economics considerably, Alendal added. The Reach
Remote concept is more than vessels and robotics - combined with our in-house
software, Reach Horizon, we deliver a compelling value proposition for customers
across the ocean space.
The company's order backlog stands at NOK 1.05 billion, with a tender volume of
NOK 9 billion. There is a clear increase in interest for the Reach Remote
concept, reflected in growing USV-related tenders and the overall rise in tender
volumes.
Q3 2025 highlights:
o Weaker 3Q than last year driven by lower-than-expected utilisation of assets
and extraordinary implementation costs associated with the Reach Remote concept.
o Completed the approval process and secured a trading permit for Reach Remote 1
to operate fully remotely
o The Reach Remote scale-up commenced with the order of Reach Remote units 3 and
4.
o The outlook remains sound, with a backlog of NOK 1.05 billion and tender
volume of NOK 9 billion.
o Initiated a process to explore options to further accelerate the scale -up of
Reach Remote
-ENDS-
QUARTERLY PRESENTATION
Reach Subsea's CEO Jostein Alendal and CFO Arne Joa will host a webcast
presentation of the results in English today at 9:30 CET.
Questions may be submitted during the presentation through the webcast player.
Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20251118_2/
The report and presentation will be made available at https://reachsubsea.no and
www.newsweb.no.
A recorded version of the presentation will be available after the live stream
is concluded.
For more information please contact:
Arne Joa
Chief Financial Officer
Reach Subsea ASA
arne.joa@reachsubsea.no
About Reach Subsea
Reach Subsea delivers its services through a versatile fleet of vessels,
including survey, IMR, construction support, and remote vessels. Our teams
operate worldwide, providing inspection, maintenance, construction support,
survey and data services across multiple industries, supporting clients
throughout every stage of their project lifecycles. Our offshore teams are
powered by advanced ROV technology and backed by onshore engineering expertise,
turning complex ocean challenges into reliable solutions. With over 500 skilled
professionals and offices in Norway, Sweden, the UK, the US, Brazil, Trinidad,
Australia, and Singapore, our vision-'Sustainable access to ocean space'-drives
safe, innovative, and sustainable subsea operations.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Jorunn Håvardsholm,
Communications and Marketing Director at Reach Subsea AS on the time and date
provided.