Reach Subsea reported a revenue decrease to NOK551.4 million ($51.28 million) for the first quarter of 2026. This result compared to NOK699 million generated during the first three months of the previous year.
The company recorded an operating loss of NOK192.1 million, which was attributed to low asset utilisation and increased depreciation.
These losses were further impacted by specific unfavourable operational events that occurred during the period.
Chief Executive Officer Jostein Alendal expressed dissatisfaction with the quarterly performance. He stated, “While the softer performance reflects a challenging quarter our key priority going forward is to ensure that activity levels translate more directly into utilisation and earnings.”
Since the end of the quarter, all vessels owned by the group have returned to active operation. Reach Subsea has also secured a letter of intent for a two-plus-one year contract for inspection, maintenance, and repair services.
The company said it expects the agreement to provide financial predictability that was previously unavailable and improve visibility for the company beyond its typical short-term order book.
Reach Subsea's USV concept has now achieved more than 600 days of operation across several geographic regions, the company highlighted. Regulatory approvals for these uncrewed operations have been obtained in multiple markets to facilitate commercial use.
Alendal noted that the technology is transitioning from a validation phase into a scaling phase.
He said, “As part of this development, we have initiated the process of establishing Reach Remote as a standalone company to enable focused growth and long-term value creation.”