Haugesund, 13th March 2023: Reach Subsea ASA has been awarded a three-year frame
agreement with Equinor for work on the Norwegian continental shelf and
internationally  to 2026. The agreement covers the full spectrum of Reach Subsea
services. 

"We are looking forward to continuing our longstanding and fruitful relationship
with Equinor, and we are grateful for the trust Equinor puts in Reach Subsea and
our team. The frame agreement will be an excellent driver for growth and
utilization of Reach Subsea's modern and expanded fleet of conventional vessels
as well as the unmanned Reach Remote fleet with the two first vessels expected
to be launched in 2023. I would also highlight that we now will support a
customer across the full spectrum of services, including survey and data
processing services that we obtained through the acquisitions of iSurvey and
Octio," said CEO of Reach Subsea Jostein Alendal.

The frame agreement covers all core activities for Reach Subsea, including
installation support, seabed intervention and all forms of subsea surveys and
monitoring.

Reach Subsea also announces the award of the first call-off under the frame
agreement with Equinor for a gravimetry survey campaign at four Equinor operated
gas fields in the North Sea, the Norwegian Sea, and the Barents Sea. The work
will include utilization of the high-end technology from Reach Subsea's
monitoring group, formerly known as Octio. The activities will be performed from
the newly acquired ROV survey/light construction vessel Viking Reach The work
will have a duration of approximately two months and will start in the second
quarter of 2023. The call-off includes options for additional work within the
capacity of the frame agreement and the vessel will be mobilized with one SROV
Survey ROV plus one work class ROV and hull mounted survey equipment for this
purpose.

"This first call-off under the new Equinor agreement is great evidence of the
attractiveness of our expanded product offering, and an excellent start for our
new vessel Viking Reach. Now we are looking forward to utilizing our technology
for gravimetry based surveys which provides high quality data while using
compact equipment that can be handled by smaller and more cost-efficient
vessels. In the future this technology is a perfect fit with Reach Remote," said
Jostein Alendal.

***

Contact information:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.no  

About Reach Subsea:
Reach Subsea ASA Group offers subsea services as a 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, focusing on safety, environment, financial
solidity and profitability.

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