Reach Subsea CEO ‘not satisfied’ with Q1 2026 results

Announcing Q1 2026 results with revenue for the quarter totalling NKr551.4M compared to NKr699M in Q1 2025 and EBIT which came in at NKr-192.1M compared to NKr68M in the same quarter last year, Jostein Alendal said the weak quarter was driven mainly by continued low utilisation, increased depreciation ‘and some unfavourable operational events.’

“We are not satisfied with the results of this quarter,” said Mr Alendal. “While the softer performance reflects a challenging quarter our key priority going forward is to ensure that activity levels translate more directly into utilisation and earnings.”

Mr Alendal said, operationally, activity has improved following the end of the quarter, with all vessels now in operation and the company is focusing on converting activity more effectively into utilisation and earnings through tighter capacity planning, improved asset positioning and closer alignment between deployment decisions and market demand.

Subsequent to the quarter, Reach Subsea was also awarded a landmark 2+1 year letter of intent for inspection, maintenance and repair (IMR) work. Once finalised, said Mr Alendal, this will add long‑term backlog and is an important milestone for the company.

“The agreement adds a layer of financial predictability that the company has not had before,” he explained, “and strengthens visibility beyond the typical short‑term order book.”

The company’s chief executive said Reach Subsea “remains firmly committed to transforming the subsea industry through robotisation and remote operations,” the Reach Remote concept is now in commercial operation across multiple geographies, with more than 600 remote operational days delivered and regulatory approvals secured across key markets. 

Mr Alendal said now that Reach Remote is demonstrating consistent operational and commercial performance, the company is moving from validation into a scaling phase and, as part of this development, it has initiated the process of establishing Reach Remote as a stand-alone company, to enable focused growth and long‑term value creation.

In its Q1 results, Reach Remote said its order backlog remains sound, supported by strong tender activity and increasing demand for unmanned and remote‑enabled IMR services.