REACH SUBSEA ASA

Reach Subsea ASA // Annual report 2012
Our business
Reach Subsea is a new company within the subsea services industry but our experienced team has during 2012 succeeded in
significantly expanding our presence in the market, and established a strong platform for growth. Over the last year the company has
advanced from being a 3 person consulting company to an integrated subsea services provider, currently employing more than 20
highly skilled and experienced individuals.
In mid-2012 Reach Subsea was placed on the industry agenda when we presented our company during ONS in Stavanger. We
presented our ambitions to build a high quality subsea services company with new vessels, new ROVs and an experienced staff to
support our offshore operations. We attracted a great deal of interest from a number of parties, including possible new clients, investors,
new employees and also a few com petitors.
In September we signed a letter of intent with Transit Invest (ex. Green Reefers) to merge our two companies and create a new listed
entity named Reach Subsea ASA. As part of the agreement Reach Subsea shareholders acquired 75% of the shares in the new
company while shareholders in Green Reefers retained ownership of 25%. Subsequently to this transaction we engaged in a process
to find new financial investors, that together with management shared the intention to develop the combined company to a leading
subsea services provider.
In October we agreed with Accello Partners I to become shareholder in Reach Subsea. Together with management, as well as certain
other new investors, NOK 42 million were raised through a private placement. In December the company was listed on the Oslo Stock
Exchange under the new name Reach Subsea ASA (ticker: REACH).
Our new business plan has during the year been presented to many investors, as well as both existing and new partners and clients.
Reach Subsea is currently active in tendering for new contracts with many potential key clients, and we expect to have an even more
busy 2013 when we commence operation of our 2 new ROV systems to be delivered from Kystdesign in the 2nd quarter. We further
highly anticipate the arrival of our new vessel the Normand Reach during H1 2014. Through our choice of equipment and partners we
believe we are demonstrating our commitment to quality and our intention to be a valued partner for our clients. We ultimately expect
our disciplined approach to generate substantial value for all stakeholders as we grow the company and successfully deliver on our
business plan.
The market outlook for the next few years looks promising for the subsea services industry, with numerous new subsea develop ments
planned in the North Sea, West Africa and Brazil. We expect our company to take its share of this market with our modern high quality
vessels and ROVs as well as an enthusiastic staff.
I would like to thank all the employees of Reach Subsea for all their good efforts and the excellent teamwork in 2012. We look forward
to the coming years and to new achievements.
Kåre Johannes Lie
CEO
Reach Subsea ASA
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