Reach Subsea reported a decline in revenue and earnings for the fourth quarter of 2025. Revenue for the period totaled NOK606 million ($57 million), which fell from NOK685 million during the same quarter in 2024.
Earnings before interest and taxes (EBITDA) reached a loss of NOK60 million compared to a profit of NOK80 million in the prior year. For the full year, the company recorded revenue of NOK2.677 billion and earnings of NOK149 million.
The company attributed the weak performance during the second half of the year to low vessel utilisation and reduced project margins. Adverse currency movements and increased depreciation also influenced the financial results of the business.
Start-up costs associated with the Reach Remote concept were cited by the company as another factor for the softer results. Chief Executive Officer Jostein Alendal stated, “We are not satisfied with the results of this quarter, nor the second half of 2025.”
Alendal explained that while the figures reflect a market slowdown, the firm is sharpening its efforts accordingly. Reach Subsea said it is focused on advancing its long-term strategy by investing in its robotisation programme.
The company confirmed that Reach Remote 1 and Reach Remote 2 have demonstrated operational performance in demanding environments across multiple time zones. Delivery of the two vessels was taken in 2025 as the model moved from concept to commercial reality.
The company reported that the order backlog stands at NOK1.2 billion with a tender volume of NOK10 billion. A clear increase in interest for the remote concept was noted by the firm through rising tender volumes.
The board of directors mentioned it will propose a dividend of NOK0.17 per share to its shareholders. This proposal follows the dividend policy established by the company to reward investors.
Reach Subsea also highlighted the launch and certification of a remote operations centre in Australia. This facility has already delivered successful operations for the energy company Woodside, it said.
Solstad Offshore noted that while the market outlook remains positive, the development of oil prices represents "a source of uncertainty". A market with "balanced supply and demand" is foreseen for 2026 based on current oil price levels, the Company predicted.
Revenue for the fourth quarter rose to $70 million from $65 million in the prior year. Net results for the same period were $53 million, compared to $66 million in the final quarter of 2024.