REACH SUBSEA SECURES MODERN FIT-FOR-PURPOSE VESSEL CAPACITY

Haugesund, 16 November 2021: Reach Subsea ASA ("Reach"), the trusted data and
subsea service provider for ocean-based industries, today announced that it has
entered into a charter agreement with Olympic Subsea ASA ("Olympic") for the use
of three modern subsea vessels for the 2022 season.

Reach will be chartering the Olympic Artemis, Olympic Delta and Olympic
Challenger vessels, which are fully mobilized with ROV equipment and survey
equipment and have a low fuel consumption. The vessels are intended for use on
projects within Survey, IMR, construction support and light construction within
the renewables and oil and gas sector. These subsea spreads are well suited for
Reach's core focus markets and fit well with the requirements in Reach's frame
agreements and the tenders the company currently has outstanding. The commercial
terms of the charter agreement are confidential between the parties, but are
structured in a way that enables Reach to offer a competitive subsea service to
clients.

"This has been a busy year for Reach Subsea and we see the momentum in the
market strengthening in 2022 and 2023. In response to this, we're continuing our
operations from these three modern, fit-for-purpose vessels, which will
reinforce the trust our clients have in our ability to deliver low-emission,
cost-effective subsea services with low risk of operational downtime," said
Jostein Alendal, CEO of Reach Subsea. "This represents another significant step
in building Reach Subsea into a leading survey, IMR, construction support and
light construction contractor, as we transition into the autonomous future. Our
working relationship with Olympic Subsea within subsea operations will continue
to strengthen as Reach expands its market share."

The Olympic Artemis was built in 2015 by Kleven Yard, which makes her one of the
most modern survey and IMR vessels in the market. The vessel is built in
accordance with the highest North Sea standards, with world-class station
keeping and fuel-economic solutions ensuring reduced environmental footprint.
Reach has had this vessel in the fleet since 2020, where she performed well on
several successful projects. The Olympic Artemis will continue subsea operations
into 2023.

Olympic Delta was also built in 2015 and is a slightly larger version of Olympic
Artemis. The vessel is outfitted with DP2, 900m2 free deck area, 2 ROV hangars
and an 80t AHC subsea crane. Reach has good experience with this vessel, having
chartered her in 2017, 2018 and 2021 where she performed well on several
successful projects. The Olympic Delta will continue subsea operations into
2023. 

Olympic Challenger was built in 2008 and further upgraded in 2021 with MEG tanks
and an AUX crane on the back deck. The vessel is outfitted with DP2, 1000m2 free
deck area, 2 ROV hangars and an 250t AHC subsea crane. Reach has good experience
with this vessel, having chartered her from 2018 until summer 2021, where she
performed well on several successful projects. The Olympic Challenger will
commence operations for Reach Subsea during 1Q 2022 and will be redelivered in
Q4 2022.

We are pleased by the confidence shown to us by Reach Subsea and we are certain
that we will be able to continue to deliver an excellent service to Reach Subsea
on all three vessels. It has been a pleasure to again team up with Reach Subsea,
as one of the leading and innovative players within this service segment. We
have worked with Reach Subsea for several years and together we will continue to
bring best-in-class solutions to end clients" said Stig Remøy, Olympic Subsea


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

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