Reach Subsea has published Q1 2024 results the company says are “once again marked by solid revenue and growth in profitability”
Revenue for the quarter grew by 146% to Nkr575M (US$53M) and EBIT reached Nkr29M. Reach Subsea’s order backlog continues to swell, reaching Nkr1.3Bn, an increase of 60% compared with Q1 2023.
Reach Subsea chief executive Jostein Alendal said, “The first quarter of 2024 proved to be another record-breaking period for Reach Subsea, underscoring consistent growth in alignment with our strategic objectives.
“We are proud to report increased margins alongside our expansion, capitalising on the infrastructure, vessels, assets, technology and expertise we have cultivated over the past few years.”
Reach Subsea achieved a significant milestone during the quarter with the successful launch of its first Reach Remote uncrewed surface vessel (USV). With two more USVs slated for launch, the company has a robust pipeline of national and international projects for which the USVs can be used.
In addition to Reach Remote, Reach Subsea is already harnessing the capabilities of smaller-scale USVs such as the Drix.
The company said its first Drix USV has proven its worth, completing more than 25,000 km of hydrographic survey lines. It recently invested in a second Drix USV to support ongoing projects.
“While demand remains robust across various market segments, we remain committed to investing in our traditional subsea services. Leveraging Remote Services enhances our capacity,” Mr Alendal concluded.
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