Reach Subsea Asa · OSL:REACH
Reach Subsea Asa — Debt Investor Presentation (July 2025)
37 slides from Reach Subsea Asa's debt investor presentation, Jul 3, 2025
Slide 1: Credit presentation
Credit presentation 3 July 2025
Slide 2: Disclaimer
2 2 Disclaimer DISCLAIMER & IMPORTANT INFORMATION financial, legal, business, investment, tax or other professional unlawful. By reviewing this Presentation, each recipient This presentation and its appendices (the "Presentation") has advice. Each recipient should consult with its own financial, rep
Slide 3: Table of content
Table of content 1 Key credit highlights 2 Appendix Reach Subsea | First Quarter Consolidated Report 2024
Slide 4: Key credit highlights
4 Key credit highlights 1 Well-established subsea operator with robust and growing revenue base 2 Revenue generation from long-standing blue-chip client relationships, driven by framework contract call-offs 3 Secured vessel capacity on flexible leases in combination with ownership of key enabling as
Slide 5: A complete subsea services and data provider to tier one industry clients
1 Well-established subsea operator with robust and growing revenue base 2 3 4 5 6 5 A complete subsea services and data provider to tier one industry clients NOK 1.3bn EBITDA 1Q 2025 LTM Offering high quality solutions and GLOBAL OPERATIONS ACROSS ALL TIME- technology to clients in need of ocean ZON
Slide 6: Supporting project, from start to finish
1 Well-established subsea operator with robust and growing revenue base 2 3 4 5 6 6 Supporting project, from start to finish 1 2 3 Service capabilities Serving a range of industries Supporting projects, from start to finish Delivering tailored solutions and specialised Our expertise ensures efficien
Slide 7: Examples of how Reach Subsea couples a dedicated team with cutting-edge technology
1 Well-established subsea operator with robust and growing revenue base 2 3 4 5 6 7 Examples of how Reach Subsea couples a dedicated team of professionals with cutting-edge technology and robust assets IMR & Light construction Survey Monitoring Remote operations Light Construction Vessel Spittal & P
Slide 8: Traditional ROV operations now supplemented by remote-enabled subsea solutions
1 Well-established subsea operator with robust and growing revenue base 2 3 4 5 6 8 Traditional ROV operations now supplemented by remote-enabled subsea solutions Core ROV services and early survey integration Integrated services and preparations for autonomy Autonomous and remote-enabled subsea sol
Slide 9: Key strategic priorities
1 Well-established subsea operator with robust and growing revenue base 2 3 4 5 6 9 Key strategic priorities • x • x • x • x HSEQ is a core value Maintain operational flexibility Conservative capital allocation Persistent focus on ESG • Rigorous health, safety, environment • Scalable operating model
Slide 10: Global reach and worldwide operations
1 Well-established subsea operator with robust and growing revenue base 2 3 4 5 6 10 Global reach and worldwide operations LTM 1Q 2025 Revenue mix by sector Revenue mix by segment Revenue mix by geography 17% 32% 32% 29% 25% 68% 68% 29% Oil and gas Data Norway Europe Haugesund Bergen, Oslo Renewable
Slide 11: High utilization and a growing pool of assets and talent ensures operational resilience
1 2 Revenue generation from long-standing blue-chip client relationships, driven by framework contract call-offs 3 4 5 6 11 Combination of high utilization and a growing pool of assets and talent ensures operational resilience Vessel days sold Number of ROV days Offshore personnel days sold Utilizat
Slide 12: Recurring revenue from long-term relationships and framework agreements with Tier 1 customers
1 2 Revenue generation from long-standing blue-chip client relationships, driven by framework contract call-offs 3 4 5 6 12 Recurring revenue from long-term relationships and framework agreements with Tier 1 customers Contract dynamics and revenue build-up1 Tender volume Tier 1 customer base NOKm NO
Slide 13: Specialised equipment enables Reach to bundle its subsea services
1 2 3 Secured vessel capacity on flexible leases in combination with ownership of key enabling assets 4 5 6 13 Specialised equipment enables Reach to bundle its subsea services to deliver cost- efficient, tailored solutions to meet individual client needs TRADITIONAL VESSELS UNCREWED VESSELS ROV / E
Slide 14: Ranging from smaller survey vessels to IMR and light construction support vessels
1 2 3 Secured vessel capacity on flexible leases in combination with ownership of key enabling assets 4 5 6 14 Ranging from smaller survey vessels to IMR and light construction support vessels Olympic Havila Deep Olympic Triton Subsea Cygnus Taurus IMR and Light Survey, IMR and IMR and Light Constru
Slide 15: Reach Remote – a milestone for uncrewed maritime operations
1 2 3 Secured vessel capacity on flexible leases in combination with ownership of key enabling assets 4 5 6 15 Reach Remote – a milestone for uncrewed maritime operations Norway’s pioneering fleet of uncrewed 24-meter surface vessels Reach Remote 1 & 2 delivered in 2025 • Reach Remote 1 and 2 were d
Slide 16: An integrated offering supported by a range of WROVs and remote vessels
1 2 3 Secured vessel capacity on flexible leases in combination with ownership of key enabling assets 4 5 6 16 An integrated offering supported by a range of WROVs1 and remote vessels Remote vessels which enable… … A wide range of ROVS Reach Subsea DRIX (Orca 1 & 2) Remotely controlled/autonomous su
Slide 17: Mix of owned and chartered vessels provides flexibility to scale capacity
1 2 3 Secured vessel capacity on flexible leases in combination with ownership of key enabling assets 4 5 6 17 Mix of owned and chartered vessels provides flexibility to scale capacity in line with customer demand Contract duration of chartered in vessels and owned fleet Comments • The company has 3
Slide 18: Attractive market position leveraging technology, assets and operational excellence
1 2 3 Secured vessel capacity on flexible leases in combination with ownership of key enabling assets 4 5 6 18 Attractive market position leveraging technology, assets and operational excellence Comments Competitive landscape • Relatively asset light business model, with majority of subsea vessel ca
Slide 19: Rising offshore spend and aging infrastructure fuel demand for subsea services
1 2 3 44 Strong 5 underlying 6 market fundamentals with concentrated supply side 5 6 19 Rising offshore spend and aging infrastructure fuel demand for subsea services Development in backlog among tier 1 subsea contractors Subsea vessel demand USDbn Vessel years 51 44 IMR Subsea inspection SPS instal
Slide 20: Track record of strong growth in revenue and EBITDA with sustainable margins
1 2 3 4 5 Solid credit-metrics and capital-light business model with strong cash generation 6 20 Track record of strong growth in revenue and EBITDA with sustainable margins Revenue EBITDA NOKm NOKm Average number of vessels EBITDA margin ~3.0 ~3.5 ~4.0 ~5.0 ~7.0 ~7.5 43% 46% 39% 48% 43% 44% 2,842 1
Slide 21: Efficient and stable cost base with strong margin resilience
1 2 3 4 5 Solid credit-metrics and capital-light business model with strong cash generation 6 21 Efficient and stable cost base with strong margin resilience Procurement expenses Personnel expenses Other operating expenses NOKm NOKm NOKm Procurement expenses as % of revenue Personnel expenses as % o
Slide 22: Healthy balance sheet with modest leverage levels
1 2 3 4 5 Solid credit-metrics and capital-light business model with strong cash generation 6 22 Healthy balance sheet with modest leverage levels Equity NIBD / EBITDA Liquidity position NOKm Leverage ratio NOKm Equity Equity ratio Cash and cash equivalents NIBD (incl. IFRS 16) / EBITDA Available 58
Slide 23: Asset light business model with limited capex requirements
1 2 3 4 5 Solid credit-metrics and capital-light business model with strong cash generation 6 23 Asset light business model with limited capex requirements Capex overview Comments NOKm • The vast majority of investments during the period 2020 – 2024 Reach Remote capex Vessel integration, ROV and mai
Slide 24: Illustrative cash flow bridge (LTM as per 1Q 2025)
1 2 3 4 5 Solid credit-metrics and capital-light business model with strong cash generation 6 24 Illustrative cash flow bridge (LTM as per 1Q 2025) Illustrative cash flow bridge last 12 months (as per 1Q 2025) Comments NOKm • Annual maintenance capex going forward expected to be around NOK 40m 1,257
Slide 25: Strong ownership backing from Wilhelmsen and North Energy
1 2 3 4 5 6 Highly experienced management team and strong ownership backing 25 Strong ownership backing from Wilhelmsen and North Energy Wilhelmsen New Energy North Industries 1 Selected investments North Industries 1 is a wholly owned subsidiary • Wilhelmsen New Energy is a wholly owned subsidiary
Slide 26: Seasoned leadership team with deep industry knowledge
1 2 3 4 5 6 Highly experienced management team and strong ownership backing 26 Seasoned leadership team with deep industry knowledge Experienced executive management team with proven track-record Highly experienced board of directors team Selected experience across the team Selected experience acros
Slide 27: Table of content
Table of content 1 Key credit highlights 2 Appendix Reach Subsea | First Quarter Consolidated Report 2024
Slide 28: Legal structure
28 Legal structure Reach Subsea ASA Reach Subsea AS Reach Subsea AS TT Branch Eidesvik Reach AS Reach Subsea International AS Reach Remote AS Reach Subsea Shipping AS (49.9 %) Reach Subsea UK Ltd Eidesvik Agalas Reach AS Eidesvik Reach AS (33.30%) (3%) Reach Subsea Inc (Delaware, US entity) Reach Su
Slide 29: Executive management team
29 Executive management team Jostein Alendal Bård Thuen Høgheim Birgitte W. Johansen Inge Grutle Audun Brandtzæg Chief Executive Officer Chief Commercial Officer Chief Financial Officer Chief Operations Officer Chief Technology Officer • Jostein Alendal is the founder of • Bård Høgheim has been CCO
Slide 30: Board of directors
30 Board of directors Rachid Bendriss Espen Gjerde Anders Onarheim Martha K. Monclair Kristine Skeie Ingunn Ø Iveland Arvid Pettersen Chairperson of the Board Board Member Board Member Board Member Board Member Board Member Board Member • Brings over 25 years of • Specialised in shipping, • Offers e
Slide 31: Consolidated statement of comprehensive income
31 Consolidated statement of comprehensive income NOKm 1Q 2025 1Q 2024 2024 2023 NOKm 1Q 2025 1Q 2024 2024 2023 Revenues 699 575 2,717 1,967 Other comprehensive income Other income/losses - - 1 29 Items that may be subsequently reclassified to Operating income, in total 699 575 2,718 1,996 profit or
Slide 32: Consolidated statement of financial position
32 Consolidated statement of financial position NOKm 1Q 2025 1Q 2024 2024 2023 Assets - Non current assets Goodwill 110 110 110 110 Deferred tax assets 28 14 35 - Intangible assets 24 29 25 31 Investment in associated companies 136 114 127 113 Assets under construction 257 306 369 267 Vessels 166 -
Slide 33: Consolidated statement of financial position, continued
33 Consolidated statement of financial position, continued Consolidated statement of financial position, continued Consolidated statement of changes in equity Share Share Proposed Other Retained NOKm 1Q 2025 1Q 2024 2024 2023 NOKm Total capital premium dividends reserves earnings Equity Equity 1 Jan
Slide 34: Consolidated statement of cash flow
34 Consolidated statement of cash flow NOKm 1Q 2025 1Q 2024 2024 2023 NOKm 1Q 2025 1Q 2024 2024 2023 Cash flow from operating activities Cash flow from financing activities Profit before tax 67 (9) 230 290 Net proceeds from issuance of ordinary shares 147 - 35 123 Paid taxes (18) (4) (51) (9) Procee
Slide 35: Sustainability in Reach Subsea
35 Sustainability in Reach Subsea Ambitions Environmental Social Governance Ambition to have a climate-neutral fleet by 2050, ensuring sustainable ocean access by minimizing pollution, achieving zero Committed to zero harm to people by ensuring a safe, inclusive Aim to be a responsible, trusted mark
Slide 36: Strong industrial ownership complemented by a strong set of financial investors
36 Strong industrial ownership complemented by a strong set of financial investors 20 largest shareholders1 Wilhelmsen New Energy Investor Number of shares % of top 20 % of total Wilhelmsen New Energy has a deep industrial anchoring and expertise as a wholly owned subsidiary of Wilh. Wilhelmsen Hold
Slide 37: Thank you!
4 Thank you! “REACH SUBSEA
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