Reach Subsea has announced its second quarter and half-year results for 2024, demonstrating consistent advancement towards its strategic objectives. Revenue for the quarter stands at NOK 623 million and the EBIT at NOK 121 million. The decrease compared to the second quarter of 2023 is primarily a result of last year’s sale of one ROV, which had a net effect of NOK 29.8 million. The half-year 2024 results validate that it is well ahead of last year.
'The second quarter of 2024 proved consistent progress in alignment with our strategic objectives. Our journey of expanding Reach is making significant strides within a vibrant market, all while upholding our commitment to profitability and high-quality service.' said CEO of Reach Subsea, Jostein Alendal.
Reach Subsea’s commitment to integrating robotization into the subsea industry is rapidly advancing, with several key milestones achieved in the past quarter. Both Reach Remote USVs 1 and 2 have now been successfully sea-launched. Reach Remote 1 has undergone successful testing and is set to begin a technology qualification program with Equinor this fall. The Company is already harnessing the capabilities of two Drix USV’s Orca 1 & 2, working together to complete a Hydrographic Survey Project, the longest-running operation record for a DRIX globally, which has to date covered 5858 km2.
'Our commitment to innovation is deeply rooted in our belief that technological developments hold the key to a brighter future. We strive to leverage cutting-edge technologies to create solutions that not only meet the needs of today but also anticipate the challenges of tomorrow. This approach is not a replacement but an enhancement, building upon our existing strengths to drive progress and deliver even greater value',' said CEO of Reach Subsea Jostein Alendal.
Furthermore, Reach Subsea's order backlog continues to swell, reaching a growing NOK 1.6 billion, a solid increase of 170 percent compared to the second quarter 2023. Notably, the volume of tenders remains significantly high, now reaching NOK 11 billion, more than double the amount recorded in the second quarter of 2023.
'Our growing order backlog and significant increase in tender volume clearly demonstrate our robust market position and the strengthened confidence in our future success.' said CEO of Reach Subsea, Jostein Alendal.
Q2 2024 highlights:
• A strong 2Q in terms of operations and results, market improvements, and progress towards strategic goals.
• Underlying financial performance in line with last year for 2Q, and well ahead of last year for 6M. Dividend of NOK 0.36 per share distributed in the quarter.
• Key milestones achieved for Reach Remote with successful sea launch and award of landmark technology qualification contract with Equinor.
• Strong outlook as evidenced by order backlog and outstanding tender value more than doubling year-over-year.
Source: Reach Subsea
