Reach Subsea Q2 2026 slides: profit doubles on remote tech gains

In its second quarter of 2026, subsea services provider Reach Subsea reported record-breaking financial performance, driven by increased fleet utilization and the successful validation of its Reach Remote autonomous operations platform. The Norwegian company disclosed revenue of NOK 988.1 million and EBIT of NOK 192.4 million, reflecting year-over-year increases of 44% and 111% respectively.

Shareholders welcomed the news, with the company's shares surging 11.31% to $6.10 following the presentation, indicating confidence in both short-term execution and long-term potential. CEO Jostein Alendal credited strategic investments in fleet capacity and technology platforms for the financial improvements, noting that the Reach Remote division had moved from a validation phase to commercial deployment.

Throughout Q2 2026, Reach Subsea achieved several milestones that contributed to its strong results. The Reach Remote platform logged approximately 750 uncrewed operations days, operating continuously and expanding its geographic scope. Both Reach Remote 1 and Reach Remote 2 obtained DNV's first-ever AROS (Autonomous and Remotely Operated Ship) notation, marking a significant milestone in certified remote vessel operations.

The company also agreed to sell Viking Reach, a subsidiary with onboard remotely operated vehicles, generating over NOK 200 million in liquidity and supporting the fleet renewal strategy. The improved performance in Q2 2026 was attributed to higher project activity and increased utilization across the fleet, as well as strategic additions like Normand Jarstein, a chartered crew member from Solstad Maritime who secured substantial contracts offshore in the Black Sea.

The financial results showcased a balanced revenue base, with renewables and other industries now accounting for 46% of total earnings, nearly equal to the 53% share from oil and gas. The Data division experienced particularly robust growth, with revenue increasing 75% year-over-year to NOK 278 million, while the Solutions segment also expanded to NOK 712 million.

Geographically, revenue was distributed across Europe, Norway, the Americas, and other regions, demonstrating the company's expanding international presence. The Reach Remote platform's evolution from concept validation to commercial scale deployment was highlighted, with the vessel completing operations in various global sectors and securing remote sailing permits in multiple countries.