Haugesund, 15 November 2023: Reference is made to the stock exchange
announcement published by Reach Subsea ASA (the "Company") on 6 October 2023
regarding an agreement to acquire 100 percent of the shares of the Australian
marine survey company Guardian Geomatics Pty Ltd (the "Transaction").

All conditions related to the agreement are met, and the Transaction was closed
today. 

As part of the closing of the Transaction, the board of directors of the Company
(the "Board") resolved to issue 15,469,682 new shares (the "Consideration
Shares") to the selling shareholders in the Transaction, pursuant to the
authorisation granted to the board of directors at the Company's annual general
meeting held on 31 May 2023.
 
Following registration of the share capital increase related to the issue of the
Consideration Shares with the Norwegian Register of Business Enterprises, the
Company's new share capital will be NOK 270,919,245 divided into 270,919,245
shares, each with a par value of NOK 1.

For more information please contact:  
Birgitte Wendelbo Johansen  
Chief Financial Officer  
Reach Subsea ASA  
bwj@reachsubsea.no 
 
About Reach Subsea:  
Reach Subsea ASA Group offers high quality solutions and technology to clients
in need of ocean data and services. Services are offered out of our head office
in Haugesund as well as from our subsidiaries and branches located across
Norway, US, UK, Cyprus, Singapore, Trinidad and Brazil. The Group's objective is
to be a preferred partner and full-service provider of ocean services for
clients, focusing on safety, environment, financial solidity and profitability.
Our vision "Sustainable access to ocean space" underpins our commitment to the
development of sustainable solutions, with stakeholder groups key interests in
focus.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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© Oslo Bors ASA, source Oslo Stock Exchange