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With sevenfold increase in backlog, Reach Subsea sees another ‘record’ year

February 14, 2023

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For the full year of 2022, revenue grew to NOK 1,163 million (around €107.3 million) whereas EBIT ended at NOK 105.2 million (around €9.7 million), compared to NOK 79.1 million in 2021.

In Q4, revenue grew by 84 per cent to NOK 327 million (over €30 million), whereas EBIT grew underlying with 180 per cent to NOK 34.6 million (around €3.2 million).

The improvement is said to be fuelled by high utilization, improved pricing, solid execution and the addition of the iSurvey and Octio businesses.

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