Norway's Reach Subsea Q2 revenue jumps on higher project activity

Reach Subsea ASA

18/08/2026 06:12

Overview
Norway subsea services firm's Q2 revenue rose sharply yr/yr on higher project activity
Q2 EBIT more than doubled from last year, reflecting improved asset utilisation
Company agreed to sell Viking Reach to support fleet renewal strategy after quarter end

Outlook
Company says Reach Remote is entering operational and commercial scale-up phase
Company continues process to establish Reach Remote as standalone company to enable focused growth
Order backlog increased to NOK 1.85 bln, supported by new contract awards

Result Drivers
PROJECT ACTIVITY - Co said Q2 results were driven by significantly higher project activity
ASSET UTILISATION - Improved asset utilisation contributed to record-high Q2 results, per co
REMOTE OPERATIONS - Reach Remote platform saw growing client adoption and entered commercial scale-up phase

Company press release: ID:nObi3lfN1a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
NOK 988.10 mln
 

Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the oil related services and equipment peer group is "buy"
Wall Street's median 12-month price target for Reach Subsea ASA is NOK8.50, about 55.1% above its August 17 closing price of NOK5.48

Reuters Recommended Reads
Aug 17 - China's Sinopec Oilfield Service H1 revenue edges up 
Aug 17 - Prairie Operating's Q2 revenue beats estimates on improved drilling performance
Aug 18 - Norway's Mowi Q2 revenue rises on higher harvest volumes

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)