Reach Subsea ASA – Notification of trade by primary insiders or close associates of primary insiders, disclosure of large shareholding and share lending

Reach Subsea ASA – Notification of trade by primary insiders or close associates of primary insiders, disclosure of large shareholding and share lending Haugesund, 16 February 2023: Reference is made to the stock exchange announcement by Reach Subsea ASA ("Reach" or the "Company") on 15 February 2023 regarding completion of a private placement (the "Private Placement") of 29,411,000 new shares (the "Offer Shares") in the Company. The Company has received the following notifications of transactions from persons discharging managerial responsibilities and their close associates following completion of the Private Placement: - North Industries 1 AS, a close associate of primary insider Rachid Bendriss (Chair of the Company's Board of Directors) and Anders Onarheim (Director), was allocated 4,705,882 Offer Shares; - Wilhelmsen New Energy AS, a close associate of primary insider Espen Gjerde (Director), was allocated 6,010,069 Offer Shares; - AB Investments, a close associate of primary insider Anders Onarheim (Director), was allocated 250,000 Offer Shares; - Kold Invest AS, a close associate of primary insider Martha K. Bakkevig (Director) was allocated 82,353 Offer Shares - Vest-Norsk Handelskompani AS, a close associate of primary insider Kristine Skeie (Director) was allocated 470,588 Offer Shares; - I Øvereng AS, a close associate of primary insider Ingunn Ø. Iveland (Director) was allocated 30,588 Offer Shares; and - Audun Brandtzæg (Chief Strategy Officer of the Company) was allocated 100,000 Offer Shares In addition, and to facilitate swift delivery of Offer Shares in the Private Placement to subscribers who were allocated shares in tranche 1 ("Tranche 1") of the Private Placement, corresponding to a total of 22,500,000 shares, North Industries 1 AS has lent a total of 22,500,000 shares to Arctic Securities AS, Fearnleys Securities AS and SpareBank 1 Markets AS (the "Managers"). Following the share lending transaction, North Industries 1 AS hold a total of 23,626,567 shares, corresponding to 10.46% of the current number of outstanding shares in the Company. Consequently, North Industries 1 AS has fallen below the 20% threshold pursuant to section 4-2 (1) and (3) of the Norwegian Securities Trading Act. The Board has today resolved to issue the 22,500,000 Offer Shares in Tranche 1, all of which will be subscribed by the Managers and, once issued, redelivered to the North Industries 1 AS as settlement for shares borrowed in relation to settlement of Tranche 1. Upon redelivery of shares to North Industries 1 AS in Tranche 1 and subsequent issuance of the remaining 6,911,000 Offer Shares in tranche 2 of the Private Placement, if applicable, relevant changes in North Industries 1 AS' shareholding will be published in a separate stock exchange notice. For more information please contact: Birgitte Wendelbo Johansen Chief Financial Officer Reach Subsea ASA bwj@reachsubsea.no About Reach Subsea: Reach Subsea ASA Group offers subsea services as a subcontractor and/or directly to end clients, based out of our head office in Haugesund. The core business of the Group is based on modern, high spec Work ROVs operated by highly-qualified offshore personnel, and supported by onshore engineering resources. The Group’s objective is to be a preferred subsea partner and full-service provider of subsea operations for clients, focusing on safety, environment, financial solidity and profitability. www.reachsubsea.no