Reach Subsea reported second-quarter revenue of NOK988.1 million ($104.8 million), up from NOK684.2 million in the same period of 2025.
Operating profit (EBIT) rose to NOK192.4 million from NOK91.1 million a year earlier.
First-half revenue totalled NOK1.539 billion, compared with NOK1.382 billion in the prior-year period, while EBIT fell to NOK0.3 million from NOK159.3 million.
The company attributed the weaker first-half earnings to low asset utilisation and limited activity during the first quarter.
Chief Executive Officer Jostein Alendal said increased activity following a quiet first quarter enabled the company to convert higher project volumes into improved earnings.
After the quarter ended, Reach Subsea agreed to sell the vessel Viking Reach and its onboard work-class remotely operated vehicle, a transaction expected to release more than NOK200 million in liquidity.
The company has also begun establishing Reach Remote as a standalone business to support its operational and commercial expansion. “The process continues to attract strong interest from a broad range of industry participants,” Alendal said.
The company's order backlog stood at NOK1.85 billion at the end of the quarter, supported by new awards and a firm two-plus-one-year contract offshore in the Black Sea. Outstanding tender volume remained at NOK9 billion, including approximately NOK1.3 billion in USV tenders.