Norwegian subsea services provider Reach Subsea has announced its third-quarter results for 2025, reporting revenue of NOK688 million ($62 million), down from NOK835 million in the same period last year.
EBIT for the quarter fell to NOK51 million from NOK134 million in the third quarter of 2024.
The company attributed the weaker performance to lower-than-expected asset utilisation resulting from a market slowdown, alongside extraordinary implementation costs associated with the Reach Remote unmanned surface vessel (USV) concept.
Despite the softer financial results, Reach Subsea highlighted operational milestones, including securing a trading permit for Reach Remote 1 to operate fully remotely. Both Reach Remote 1 and 2 are now operational, and the company has placed orders for Reach Remote 3 and 4 to scale up the fleet.
Jostein Alendal, CEO of Reach Subsea, said, “Our recent quarters have been impacted by a backdrop with lower vessel utilization, and adapting to this is a top priority for us. As the industry places increased emphasis on disciplined investments and prudent spending, so are we.”
Alendal noted that the verification programme and costs for Reach Remote are small compared to the breakthrough represented by the technology. The company’s order backlog currently stands at NOK1.05 billion, with a tender volume of NOK9 billion.
