Reach Subsea has announced its third quarter results for 2024, demonstrating strong underlying financial performance, well above the same period last year. Revenue for the quarter stands at NOK 835 million and the EBIT at NOK 134 million. Year to date the company has reached a revenue milestone just above 2 billion NOK.
'We are driving Reach Subsea’s growth with a strong focus on profitability and high-quality services in which we are continuously expanding. Our Q3 results demonstrate steady, continued progress,' said CEO of Reach Subsea, Jostein Alendal.
Reach Subsea’s commitment to integrating robotic solutions into the subsea industry is taking shape across its service offerings, with a special emphasis on remote operations. The Reach Remote USVs 1 and 2 will soon join the operational fleet, with final testing of Reach Remote 1 nearing completion. It is set to enter a technology qualification program with Equinor, TotalEnergies, and other major energy companies following delivery.
Reach Subsea reports strong client interest in participating in these innovative solutions, with additional momentum from a EUR 14.3 million grant to support the Reach Remote scale-up.
'Although Reach Remote 1 and 2 are slightly behind schedule, we are confident that these USVs will soon be firmly established in key markets. This is just the beginning, as we lay the foundation for a larger scale-up' said CEO of Reach Subsea Jostein Alendal.
Furthermore, Reach Subsea's order backlog stands strong at NOK 1.5 billion which is nearly a threefold increase compared to the same quarter of 2023. The tender volume stands at 8.5 billion.
'We are facing exciting times ahead of us and with this momentum, we believe we are well-positioned to meet the growing demand in our industry' said CEO of Reach Subsea, Jostein Alendal.
Q3 2024 highlights (Q3 2023 results):
• A strong 3Q in terms of activity level and operating results driven by growth, strong market conditions and successful project execution.
• EBIT for 3Q2024 was NOK 134.1 million (NOK 112.4 million), while pre-tax result was NOK 115.0 million (NOK 92.3 million).
• Reach Remote is progressing with sea trials underway, clients lining up to be part of the solution, and the EU Innovation Fund granting EUR 14.3 million for Reach Remote scale-up.
• Strong outlook as evidenced by order backlog of NOK 1.5 billion and tender volume of NOK 8.5 billion.
