Reach Subsea has 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, 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 CEO of Reach Subsea, Jostein Alendal.
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', said CEO of Reach Subsea Jostein Alendal.
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.
Q4 2024 highlights:
- Another record year in terms of activity and operating results driven by strong market conditions and solid project execution.
- EBIT for Q4 in line with last year, with lack of progress partly explained by projects and associated profits moving into Q1 2025.
- Solid outlook with a backlog of NOK 1.2 billion that has higher inherent margins than backlog last year, and a strong prospect list for the rest of 2025.
- The Board will propose a dividend per share of NOK 0.42, in line with the stated dividend policy.
Source: Reach Subsea
