Haugesund, 8 December 2021: Reach Subsea ASA ("Reach"), a provider of subsea
services globally, today announced that the Company has entered an agreement
with Equinor Ventures AS to acquire OCTIO AS, a provider of monitoring solutions
for hydrocarbon producing fields and CO2 storage reservoirs.

"The acquisition of OCTIO will deepen Reach Subsea's technology competence and
expand our value chain, accelerating the Company's strategy to become a
full-service provider of subsea data and solutions for clients globally," said
Jostein Alendal, CEO of Reach Subsea. "We have worked with OCTIO for several
years and are well-acquainted with how their cost-efficient and highly-accurate
survey and monitoring technology enhances data value for clients and provides
optimal solutions for monitoring of future CO2 reservoir storage. In addition,
OCTIO's patented technologies and competence will strengthen the data gathering,
data processing, and data analytics capabilities of Reach Remote, the unique USV
solution that we will introduce in 2023." 

Under the terms of the agreement, Reach Subsea will acquire Equinor's interests
in Bergen-based OCTIO, as well as the associated company MonViro AS, owned by
OCTIO employees. Reach Subsea will settle the acquisition in cash, which will be
funded from our available financial resources. As part of the transaction,
certain OCTIO employees will subscribe for [974,700] new shares in Reach at NOK
3 per share. The transaction is expected to close in the fourth quarter of 2021.


In summary, the transaction is expected to have the following strategic
benefits:
o	Strengthens Reach Subsea's survey and inspection data capabilities, with
patented technology
o	Offers a highly compelling value proposition to oil and gas companies through
higher accuracy of seabed monitoring and better insight into critical field
parameters such as pressure depletion or fluid substitution throughout the
reservoir 
o	Expands Reach Subsea's services portfolio into the carbon capture and storage
(CCS) segment through a portfolio of cost-effective monitoring tools, including
4D gravity, Microseismic, and seafloor deformation monitoring. For CO2 reservoir
storage monitoring, OCTIO's core monitoring technology, 4D gravity, has
demonstrated success and has been utilized on the two CO2 sequestration projects
in Norway, Sleipner and Snøhvit
o	Creates significant revenue synergies from the cross-selling of Reach Subsea
and OCTIO's services to each other's customer base
o	Adds a strategic pillar and operating team of 30 highly skilled professionals
to advance Reach Subsea's broader strategy for technology and data processing,
as well as adding key competence required for gathering and processing of seabed
survey data for offshore wind farms 
Established in 2006, OCTIO's services cover all phases required to convert
geophysical data into value. OCTIO performs the geophysical studies that lead to
overall monitoring strategies; plans and executes operations and provides
support to integrate data in interpretation workflows. The company's main
technological propositions are real-time passive seismic monitoring and
survey-based 4D gravity and seafloor subsidence monitoring that offers an
alternative to seismic at 10 percent of the cost and with no impact on marine
life. OCTIO's monitoring technologies are typically deployed and recovered using
ROVs.

 "We are excited to be joining forces with Reach Subsea, a fast-growing subsea
operations provider serving energy majors across the world," said Leon Løvheim,
CEO of OCTIO. "Our unique monitoring solutions and data offering will be highly
complementary to Reach Subsea and will offer significant benefits to the clients
Reach Subsea serves. We believe there is enormous potential through the
combination of our organizations to support clients in enhancing their field
recovery rates, improve reservoir management and optimize subsea infrastructure
through our services and data insights offering." 

"Equinor Ventures has supported the development of OCTIO's technology, and we
have seen substantial cost savings from applying the company's solutions to our
assets, including monitoring services on the Oseberg, Aasta Hansteen, Troll and
Midgard fields. Equinor Ventures believes the next phase of OCTIO's development
is better served by an owner with a broad customer base, where OCTIO can be
embedded into a compelling integrated service. We see synergies between OCTIO's
solutions and Reach Subsea's growth strategy providing cost-efficient and
sustainable data and solutions to offshore asset owners," said Gareth Burns,
Head of Equinor Ventures.
 

For further information, please contact:
Jostein Alendal, CEO, jal@reachsubsea.no 
Birgitte Wendelbo Johansen, CFO, 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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