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REACH SUBSEA IN BRIEF
In brief• Established in 2008
• Based in Norway• Listed at Oslo Stock
Exchange (REACH)
Fleet• 6 vessels• 6 owned WROV’s
• 2 dedicated SROV• 4 Schilling HD’s on bb
Organization• Head office in Haugesund• 77 employees• 40 through Connect• Average employee age 35• 1 LTI’s (Lost Time Injuries)• World record in survey speed• Experience with over 20 clients
worldwide
Main Office Killingøy base
2008
2012
2013
2014
2015
2016
OUR HISTORY
Raised
NOK 142m
Equity
2017
634MNOK
revenue
327MNOK
311MNOK62
MNOK120.000Manhoursoffshore
80.00035.000
6.500
Raised
NOK 85m
Equity
WORLDWIDE PROJECTS
Atlantic
West Africa
Arctic
Mediterranean
North Sea
Baltic
Cable & Wind
Oil & Gas
South East Asia
Black Sea
OPTIONS WHEN BEING UP AND COMING IN
COMPETITIVE LANDSCAPE
Try to look bigger than you are Make friends
Competitiveness Focus on core competence
CUSTOMERS
PROJECT VOLUME
0
5
10
15
20
25
30
35
40
45
50
2013 2014 2015 2016 2017
Oil & Gas Renewable Subsea Mining
ABILITY TO FIND BUSINESS
0
50
100
150
200
250
Q1(15) Q2(15) Q3(15) Q4(15) Q1(16) Q2(16) Q3(16 Q4(16)
Quarterly revenue composition (NOKm)
Firm work at start of quarter Work won during quarter
RESTRUCTUREING – CLEAN SHEETS
0
10
20
30
40
50
60
Q2(16) Q3(16) Q4(16) Q1(17) Q2(17) Q3(17) Q4(17) Q1(18) Q2(18) Q3(18) Q4(18) Q1(19) Q2(19)
Quarterly total charter and lease commitments (NOKm)
Before May-16 restructuring After May-16 restructuring
LIFELINE - RENEWABLES
Vessel that has been working in the wind farm market the last years:
• Aker Wayfarer • Havila Phoenix• Grand Canyon II• Despina• Maersk Recorder• Stril Explorer• Stril Server• Dina Star• Normand Progress• Normand Flower• Normand Mermaid• AKOFS Seafarer• EDT Protea• Deep Helder• Siem Moxie• Island Crown• Polar Prince• Polar King• Polar Queen
At least 30 subsea vessel has been working in the Offshore wind market the last few years
• Normand Jarstein
• Viking Poseidon• Acergy Viking• Edda Freya• Seabed Prince• Edda Fonn• Volstad Surveyor• Normand Reach
• Normand Jarl• Siem Sparefish• Havila Subsea• Edda Fauna
LESSONS LEARNED
• The importance of the ability to adapt to new segments and markets
• Market can always go lower
• Skill to win work is not always related to knowhow
• The whole business model has changed
• Visibility has been reduced/eliminated
• Happiness of winning contract is not linear with profit
• Utility companies benefited a great deal
• Beggars cannot be choosers
• “In the midst of chaos, there is also opportunity” (Sun Tzu)