Norway's Reach Subsea Q1 revenue falls 21% on low utilisation

Reach Subsea ASA

05/05/2026 06:08

Overview

Norwegian subsea services firm's Q1 revenue fell yr/yr on low asset utilisation and operational issues

Company says all vessels now in operation and activity improved after quarter end

Awarded landmark 2+1 yr IMR letter of intent post-quarter, expected to increase backlog

Outlook

Company awarded 2+1 yr IMR letter of intent, expected to increase backlog once finalized

Reach Subsea says all vessels now in operation, activity improved after quarter

Company sees strong tender activity and increasing demand for unmanned IMR services

Result Drivers

LOW UTILISATION - Co said continued low utilisation of assets was the main driver of weaker Q1 results

OPERATIONAL EVENTS - Co cited some unfavourable operational events as contributing to the weak quarter

INCREASED DEPRECIATION - Co said higher depreciation costs weighed on Q1 earnings

Company press release: ID:nObiSplN9a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
NOK 551.40 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 23.7% above its May 4 closing price of NOK6.87

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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.)