Another Record Year for Reach Subsea

17 February 2025

Reach Subsea’s CFO Birgitte Wendelbo Johansen and CEO Jostein Alendal. (Image credit: Reach Subsea)

Reach Subsea ASA announced its fourth quarter and preliminary full-year results for 2024, demonstrating another record year. For the full year 2024, the company has reached a revenue of 2.7 billion NOK. Revenue for the quarter stands at NOK 685 million and the EBIT at NOK 80 million. The board intends to propose a dividend per share of NOK 0.42, which is in line with the stated policy.

“We are experiencing strong growth through high project activity and service expansions. 2024 turned out to be yet another record year for Reach Subsea with an EBIT of NOK 364 million, up by 20% from underlying levels last year,” said Jostein Alendal, CEO of Reach Subsea

Reach Subsea’s commitment to integrating robotic solutions into the subsea industry is demonstrated in several ways. Reach Remote USV 1 has successfully completed sea trials and is now being prepared for its pilot, a technology qualification program in cooperation with Equinor, TotalEnergies, and other major energy partners, while Reach Remote 2 is making strong progress in its commissioning program.

Supporting these advancements, the company has developed Reach Horizon, a central platform for managing and overseeing remote operations. This system provides operators, surveyors, experts, management, and clients with 24/7 access to field projects from any location, whether in the office or at home. Already implemented and in use across the fleet, Reach Horizon is now fully set up for deployment in the Reach Remote technology program.

“We are beyond ready to finally demonstrate Reach Remote 1 and associated remote technology in the upcoming technology qualification program,” Alendal added.

Furthermore, Reach Subsea’s order backlog stands strong at NOK 1.2 billion, with higher margins than last year, and the tender volume stands at 9 billion.