Reach Subsea Aktie

Good morning, and welcome to our first quarter 2026 webcast for Reach Subsea ASA. Our report and presentation were released this morning, and I am Jostein Alendal, CEO; and I'm here with our CFO, Arne Joa. Our utilization has continued to lag behind our ambitions this quarter, and revenue remains far below our expectations. Arne will give you more details and cover our financials in a bit, but at the same time, we are continuing to make progress in the introduction and deployment of new technology as the Reach remote program continues its commercial rollout I will turn to what that means for our strategy and long-term development shortly. Please submit questions. We are the webcast player. We will address them in the Q&A session after the presentation.

Our first quarter results are below target and not satisfactory. Lower vessel utilization remains the main driver this quarter. This can be explained by the market fluctuations we are experiencing. But the project start-up dynamics have also influenced activity level in the quarter. While we are seeing early operational improvements with all vessels now in operations, these do not have a material impact on the first quarter results. We are actively working to improve utilization across the fleet through tighter capacity planning, asset positioning and closer alignment with market demand.

Additionally, we experienced some events during the quarter that affected the economic performance of both Reach Remote 2 in Australia and Reach Remote 1 in Norway. In parallel, we are actively progressing the large scale-up of reach remote building on our validated model and preparing the organization assets and operating structure for the next phase. Also for [indiscernible] from yesterday, we were awarded a landmark 2 plus 1 year IMR and light construction letter intent which once finalized, will substantially increase our order book and add a layer of financial predictability.

With that backdrop, let's look at the long-term picture and how we are positioned for change. Looking at our vessel fleet as a whole for the period up to 2030. It provides a high degree of flexibility through a combination of owned vessels and charter arrangements with different durations and options. As Viking Vigor and NewBuild 76 joined the fleet at a later stage we will have clear choices to either extend the fleet and add capacity or to replace older vessels with more modern and capable tonnage.

Looking at year ahead, this -- the fleet position may therefore change market development, utilization and where we see the strongest opportunities. Yesterday, as mentioned, we signed a letter of intent for 2 plus 1 year IMR arrangement, which will add Norman Jostein to our project charter fleet. Our order book continues to provide short-term visibility than the previous first quarter, but still acceptable when taking market fluctuations into account. However, the order book will increase substantially once the LOE is converted to our firm contract. Tender activity remains strong with an increasing share of tenders requesting USB capabilities.

With remote vessels, 3 and 4 are scheduled for delivery in 2027, providing same flexibility to support either fleet growth or replacement of older manned tonnage. Further Reach remote units entering the fleet will support a gradual transition towards unman marine operations and marine robotics as we move towards 2030. We have developed Reach remote and our technology offering in a close connection with our conventional subsea operations. Our operational experience has been essentially developing and introducing new technology in a safe, practical and commercially relevant way. Deep offshore and subsea competence has enabled us to deploy solutions like Reach remote in real operating environment.

And at the same time, the technology and remote capabilities developed through Reach remote have strengthened and enhanced our conventional operations. This integrated approach has been deliberate and necessary to validate the Reach remote model operationally and commercially. We are now at a point whether the Reach remote model has been validated and the opportunity to scale is clearly in front of us.

As we move into the next phase, further separating these trucks is the natural next step, allowing both the conventional business and the Reach remote model to develop scale and perform at their full potential. Scaling Reach remote is important to achieve economics of scale and build entry barriers, where fixed costs are distributed across a larger operational base, improving unit economics, resilience and long-term profitability.

With that context, let's take a closer look at what it delivers today and how we see it evolving going forward. The Reach remote journey started in 2019 as an idea to transform subsea operations through remote and crude solutions built on our conventional offshore experience. From the beginning, technology development and operations have gone hand-in-hand with practical subsea know-how as the foundation.

In parallel, we developed Reach Horizon as the digital backbone, enabling remote situational awareness, decision support and scalable operations. Through 2025, we took delivery of the Reach remote vessels and validated the model through pilots and commercial operations. During this period, the program achieved the regulatory acceptance and the vessels are now approved for remote operations in Norway, Australia and most recently, the U.K. We will actually be the first in the world to operate an unmanned vessel from Norway in U.K. waters.

Also during the last quarter, we have achieved an important milestone by operating within the 500-meter safety zones both in Norway and Australia, demonstrating safe and compliant remote operations in close proximity to offshore installations. With the model now validated technically, operationally and commercially, we are at a clear point where scaling is the next step. Reach remote 3 and 4 are progressing well, and we are now planning for the next phases of large scale deployment.

Over the last year, we have built a substantial real-world operational experience with the Reach remote 1 and 2 in total. This now represents more than 600 Remote operational days. And this experience has been critical. It has allowed us to test, learn and refine how remote and crude operations actually work in practice, not in simulations, but in live projects. We have [indiscernible] procedures improved system business trained the teams and matured the interaction between the vessels and our onshore operations centers. Much of this value is not yet reflected in the financial results.

The past year has been about learning, validation and building operational debt while carrying startup costs, inefficiencies and disruptions that naturally follow the introduction of new technology and operating models. What we now have goes beyond our single quarter's performance, our proven operating model experienced teams, validated systems and regulatory approved operations. This operational experience reduces, risk improves predictability and lowers execution uncertainty as they move into the next phase.

As scaling accelerates the learning from the 600-plus operational days becomes a structural advantage and this is where we expect the value to increasingly translate into financial performance. During the quarter, we were awarded new contracts by Equinor and Reach remote 2 has continued to operate for bedside in Australia, reinforcing client confidence in the solution. Based on our order work and ongoing deployments, we are now seeing strong utilization for Reach remote extending into the coming quarters.

In summary, while the first quarter results were impacted by specific events Reach remote 1 and the 2 continue to demonstrate clear commercial relevance. And the activity level we are seeing going forward supports our scaling ambitions. This is not only about learning across teams, organizations and people, but also about learning embedded in software. The digital backbone of the solution represented by the Reach Horizon. Reach Horizon is a key enabler for the reach remote and a critical part of how the mote operations are planned, monitored and executed. From the beginning, Horizon was developed as the digital backbone connecting vessels, sensors, workflows and onshore operation centers into one integrated operating environment.

With the recent launch of Reach Horizon 2, the platform has taken an important step forward. Horizon 2 strengthens real-time situational awareness, decision support and data integration while improving usability and scalability across operations. While Horizon is an essential component for Reach remote 1 and 2 its value extends well beyond individual vessels. The platform is designed to support remote operations as a whole, enabling consistent execution across different assets, projects and geographies.

This means Horizon is not only supporting uncrude vessels, but also enhancing how traditional subsea operations are monitored, control and optimized. As I note, any digital operating models become more prevalent in the subsea industry, we see Reach Horizon as a scalable platform that supports safer operations, better decision-making and improved operational efficiency. In that sense, Reach Horizon is not just a system supporting today's reach remote vessels. It is our core capability for the future of remote and autonomous subsea operations.

Reach remote is now a proven and established operating model ready to move from validation to scale. The combination [indiscernible] operational experience, regulatory approvals, mature technology and capability teams provides a strong and robust foundation. With vessels in operation, Horizon version 2 in place and the next units progressing. The remaining task is execution at scale. The priority ahead is, therefore, to convert our validated model into higher utilization, improved predictability and sustainable financial performance. This Remote vessel matured into a proven and scalable solution. And with that foundation in place, we are taking the next step by organizing how the full Reach remote model will be established as a stand-alone company.

[indiscernible] is clear, by separating the model, we create a structure that better support scale, allowing fixed costs to be absorbed across a larger operational base and strengthening unit economics and enabling broader market adoption. The new entity will operate as a dedicated technology company offering an integrated service combining large-scale marine and subsea robotic operations and the Reach Horizon digital platform.

Together, these elements form unified remote and digit service model and taken together, this positions Reach for scalable growth in unmanned operations, robotic as a service and digital subsea solutions towards 2030.

With this, I will hand the word over to Arne, who will take us through our financials.

Good morning, and thank you for joining Reach Subsea's First Quarter 2026 webcast. I will take you through the financial performance for the quarter before we move on to capital structure and liquidity. As shown on the highlights slide, first quarter 2026 was weaker than the same period last year. Revenue for the quarter was NOK 551.4 million compared to NOK 698.7 million in the first quarter in 2025. The decline reflects lower utilization across the fleet, combined with unfavorable currency movements, higher depreciation and compressed project margins. EBIT for the quarter was minus NOK 192.1 million compared to NOK 68.2 million in the first quarter last year. The negative year-on-year development is primarily driven by lower activity levels in the oil and gas segment, together with a largely fixed cost base as well as higher depreciation related to IFRS 16 assets and the 2 Reach remote vessels.

Profit after tax amounted to minus NOK 191.2 million compared to NOK 54 million in the first quarter last year. Turning to the EBIT bridge from the first quarter last year to the first quarter in 2026, the decline in profitability is mainly explained by 2 factors: First, utilization and product mix, lower vessel days and a less favorable mix led to a significant negative contribution versus last year.

Second, depreciation and foreign exchange higher depreciation from new assets and adverse currency movements further weighed on EBIT year-on-year. Looking at the revenue mix. Oil and gas revenues declined significantly compared to the same period last year. This reflects a more cautious client environment during the quarter, coinciding with a period of weaker oil prices. At the same time, renewables and other now represent the largest sector by revenue, marking an important milestone in our portfolio transition and underlining the growing importance of non-oil and gas activity in the business.

Geographically, we continue to see a broad and diversified revenue base with solid contributions from Europe, the Americas and other international markets, reducing reliance on any single region. Overall, while activity levels were lower in the quarter, the revenue profile underlines the increasing diversification and resilience of the business, supported by a broader sector mix and expanding international footprint. Equity as of 31st March 2026 was NOK 131.8 million corresponding to an equity ratio of 31.6% compared to 39.8% in the same period last year. The reduction is primarily explained by the negative result in the quarter.

Cash and net working capital are lower versus peak levels, but at a slightly higher level than the same quarter last year. The capital structure remains solid and provides the flexibility required to support both ongoing operations and continued development of Reach remote.

With that, I will hand back to Jostein before we move to Q&A.

Thank you, Arne. To summarize our first quarter results. We are far below our ambitions primarily driven by lower vessel utilization and market-related timing effects. While the market fluctuations explain part of this, we are also addressing what we can control through title capacity planning, improved asset positioning and closer alignment with market demand. Importantly, we continue to see operational improvements across the fleet with all vessels in operations. At the same time, we are making clear strategic progress. Yesterday, we were awarded our landmark to 2 plus 1 year IMR letter of intent.

And once finalized, this will add long-term backlog and represent an important milestone for Reach. This agreement adds a layer of financial predictability that we have not had before and strengthened visibility beyond the typical short-term order book. In parallel, we are now organizing how the full Reach remote model will be separated into its own stand-alone company. with more than 600 of remote operational days, regulatory approvals, a key markets and growing client confidence. We are moving from validation into our true scaling phase. Our flexible fleet structure, strong tender activity and increasing demand [indiscernible] and USB capabilities support this transition.

Scaling Reach remote is key to achieving economies of scale, improving unit economies and building sustainable entry barriers over time. Taken together, while short-term performance remains affected by market dynamics, the combination of new long-term visibility, our flexible fleet and a proven technology platform positions Reach well for the next phase. We are progressing towards a structural transition into unmanned operations, robotics as a service and digital subsea solutions as we move towards 2030.

And with this, I will round off the presentation. Please submit your questions through the webcast player, and we will be back soon to answer them.

Hello, everyone. Thank you for joining our webcast and Q&A sessions. We have quite a few questions coming in. So are you ready Jostein.

Got all done, I'm ready.

That's good. So the first question is about our tender pipeline being stable for several quarters at NOK 10 billion. The question is what is the conversion rate we are experiencing. And is the pipeline generally replenishing at the same rate it is converting or is the headline number masking a longer decision time line from our clients.

I think the conversion rate has been around 10%, 15% over the past years. We working on improving that conversion rate, of course. And yes, correct, some decisions are taking longer time. Yes, for the past past year, I can say. But conversion rate is -- we have been used to that 10% to 15%, but I think it will improve in the coming years. So, yes.

Thank you. There are a couple of questions on the letter of intent. So can you provide some additional color on how much the backlog may increase if the LOI or Nomanastein is firmed up?

Yes. When it's firmed, yes, it's going to be significant. Of course, it's a 2-year plus 1-year contract. So of course, that's the big numbers. But we will come back to that when it's firmed up. So hopefully, the vessel is on its way. So the guys are working on firming up the paperwork this week. So yes. So we will come back to that, as we said in the announcement of the LOI.

There's another related question. Will it be reach ROV or [indiscernible] board Norman, Jostein?

That will be the Omega. So we're going to work together with Omega and Solstad on this. And that's good cooperation and everything going to deliver to the clients here are really good services and products. So very impressed with both the vessel and the Omega setup on board. So this is looking good.

The stand-alone Reach Remote entity, can you describe the intended corporate structure, whether it would be wholly owned separately listed for open to external capital and the potential time line for completion of the separation. You can add some color.

I could add some color. Yes, it's open for -- we have seen a big interest from both industrial and financial partners and so on. So it's, of course, when you spin off something and build something and the speed of the scale up, of course, it's open for partners and so on. But we will soon come with more firm news on that. So we are working on in maybe a bit sooner because the speed is the partnerships and so on. So yes, the coming 2, 3 months, I guess there will be some news around that as well.

Very good. There is a question about our net interest-bearing debt at NOK 1.39 million and equity ratio and how we're going to protect the balance sheet going forward with [indiscernible] 2 coming. So I can say that we have flexibility in our fleet with options, and we're looking at the total picture. And of course, having a healthy balance sheet and good headroom to covenants, that's a key priority.

There's another question about unmanned surface and subsea vehicles are seeing surging demand from NATO navies for tasks like mine countermeasures, hydrographic survey and critical infrastructure protection has reached received inbound interest from defense or government clients and is the Reach Remote platform designed or certifiable for dual-use applications, -- would you consider pursuing defense contracts? Or does that create reputational or operational complexity you prefer to avoid? Long question.

Yes, that was a long question. Yes, the thing is that, yes, we have shown the whole concept to different defense sectors, both national and international. So -- and that is very well suited for the unarmed side of defense. And yes, we are moving in the right direction there as well because that's the next after the oil and gas and the asset owners and so on. It will be -- the next client group will be the unarmed side of the defense side. So yes, certified in that area as well. So...

Thank you. Another question about the specific market, and that's the global subsea cable market is experiencing significant investment driven by hyperscalers with growing demand for cable survey, burial monitoring and repair inspection, is this a sector you are actively targeting? And how does your technology differentiate versus specialist cable operators?

I think our services is also targeted into any infrastructure and cables, of course, and has been a big part of our market on the pre-installation mapping and so on and also the inspection of cables. As we have shown with remote during the winter where we inspected cables for in the Norwegian fjords and so on. So any asset -- subsea asset and offshore asset is a market for us. So either oil and gas or cables or any other infrastructure.

So Good. There's a question about further scaling and building of recent 5 and 6, if you think it could occur, given the outlook you have for the IMR and subsea market.

Yes, there will be some decisions on the big scale up. And of course, the target there is more than 5 and 6. It's to 30 units within 2034. So yes, we are looking at the number of units we can deploy within the next next 8 to 10 years. So -- but we see the market is sort of accelerating. So as soon as the certifications and everything is also speeding up. So lately, we saw -- yes, we are allowed to also operate in U.K., and that's something really new [indiscernible] been the first time in history that we operate a Norwegian flag vessel unmanned vessel from Norway into U.K. waters.

And you see that this is accelerating. So the market adoption is there together with the suffocation and regulatory bodies around the world. So -- but this -- it's going to be fun to play those barriers as we have done the past 12 months, we have broken a lot of barriers.

Yes. Good. There are a couple of questions again related to Reach remote stand alone. So you have partly answered already, but I think we can repeat it since it is important. So it's about the separation of the remote business, it implies a stand-alone listing of the entity and then also the timing and the separation of the regional business.

Yes, the timing is actually no. And as I said, for the next 2, 3 months, there will be a lot of movement deal. Question about listing, that is not firm or it's a way to go, but we I think [indiscernible]

That has been well covered now. A question about the recent surge in the oil price and the closing of the Hormuz Strait, if there's any effect the current demand for the services that we deliver those time.

Yes. We follow the day-to-day services we provide to the asset owners around the world. follows, of course, the oil [indiscernible] so maybe [indiscernible] starting in the '26 we see something else. So the world is changing rapidly. And and the behavior of inflates and so on. But we see a high sort of long cycle ahead of us with more investments and so the number of assets offshore and subsea will increase for the next years and decades, I guess.

Yes. There's a question about the dividend. We had some new messaging there. So the question is, do you expect to be able to pay out NOK 0.17 per share dividend that the Board approved this year? Or will it have to wait until 2027. I think the correct answer there, Houston is that it will be paid out the Board considers that we are in a position to do so. So it will be dependent on the numbers that we are delivering in the next few quarters.

Yes, we have to deliver that [indiscernible] side.

So yes. As a follow-up question to the [indiscernible] a question about the Reach scope in this contract?

Yes, we are the contract holder and also there are additional services on top of the vessel itself. And also, we are providing A lot of auto services to clients besides of pure IMR and light construction services. So also, we have the -- our monitoring services and so on, or asset owners gas fields and so on. So yes, there's going to be -- going to be exciting to offer our clients there, a lot of additional services and so on. So it's not just a pure services. It's a lot [indiscernible].

It's also a follow-up question to the backlog question about conversion rate, where you said Jostein you expected it to probably improved slightly. The conversion rates, so the question is why or is the competition going to be lower?

I don't think the competition is going to be lower. It's just we have to be better than our competitor just the game, I guess.

Yes. There is a question about historically what is the typical lag between a sustained move in the oil price above $80 to $200 and a visible uplift in our tender conversion and project start-up activity, are we taking multiple quarters given budget cycle and permitting dynamics or yes, you've been in the business for quite a few years, Jostein. So historically, what have you seen when you have seen sustainable in the oil price? How long does it take before it starts showing up ?

Yes, I'll try to analyze our clients' behavior for almost 20 years. And I don't know if I'm wise or so no. So it's hard to predict, but there are some big signs if they see predicted the oil price down, they behave and then it take maybe a slow move off, but it's hard to predict the world is quicker now than sort of 20 years ago. So the conversion from movement in the world to reaction is a bit shorter now than 10 years ago, so -- but I'm not Well, I'll try to analyze this for years, but it's hard to predict, although well, all our clients' behavior that's still.

Yes. There is an interesting question here about the remote market. And if it is accelerating, why don't we fill up the backlog on remote 1 and 2 for the next 3 to 4 years.

Yes, that's back to the same clients then and the slow sort of adoption. But we have seen for the past 12 months, the adoption has accelerated. So I guess when we go into '27, there will be actually more demand and also they will [indiscernible] a proven concept. And then as soon as you have done that, they are sort of, yes, willing to take it into use and so on. So we are here that now we have proven and we continue to '26 and then this, we will see a different world in the period from '27 to 2030, 2034, 2035.

Yes. There is another related question, slightly different angle. Given the weaker results from this quarter and the past year, do you plan to put more resources into sales and market capitalization extending Reach subsea into many new markets going forward? Or is the separation of the Reach remote concept, a reflection of this?

Yes, of course, we have to we are looking into everything to improve the day-to-day of course. You know Arne, there is fine line between Genius and idiots. And we might look like idiot for a short time here, but we are -- but that's just for a short time. So we have to improve the -- both sales and also performance on our day job, the robotic side of it, that's the real sort of the long-term future, and that's what we are building the foundation for now.

As I said just time we have built subs NRE in operations. So -- but of course, we have to improve improve the -- both selling and performance and so on. So we missed -- during the past 6 months, we missed sort of the -- how is our clients behaving and so on. So are too many vessels later, and that's a bad thing, and we should be better on that. So learning on that and going forward and or pushing a little [indiscernible] 1 time here Arne.

Yes. Another question related to the oil and gas question or the increase in gas prices, but the presentation stated that revenue from renewables actually recently exceeded oil and gas, but given recent Middle East events, are there indications oil and gas will bounce thereby increasing the overall revenue. If Yes.

For us isolated, you saw we missed the oil and gas clients over the into -- but in the big picture, there is -- well, you see the backlog from the big companies and so on. So certainly an increase in activity in the subsea oil and gas world. So it's just up to us to be there and improve our sort of service to the oil and gas oil and gas clients.

Yes, good. I think we have the final question. It's related to Olympic Taurus and the original lease expire in April 2026 if it have been extended?

On?

Taurus -- Olympic Taurus.

Yes. Taurus will be [indiscernible] '26.

Yes. Okay. I think we have covered all the questions came into Q&A. So thanks a lot for many good questions and for participating.

Yes. Hope we gave an honest picture. And see you in August.

Good morning, and welcome to our Fourth Quarter 2025 Webcast for Reach Subsea ASA. Our report and presentation were released this morning. And I'm Jostein Alendal, CEO; and I'm here with our CFO, Arne Joa.

Let me start by being direct. Our financial results this quarter are below our targets, and Arne will give you more details and cover our financials in a bit. On the bright side, though, we have made significant progress in the introduction and deployment of new technology. Most notably, the Reach Remote program has taken another major step forward, moving well beyond initial field trials and is now proving its capabilities in real commercial use.

We are the first in the world to run fully unmanned vessels of this size, operating now live in both Norway and Australia. This advancement confirms that our unmanned vessel concept is no longer just validated. It is operational, scalable and ready for a broader implementation. I will return to what this means for our strategy and growth potential shortly. Please submit questions via the webcast player, and we will address them in the Q&A session after the presentation.

Our fourth quarter results are below target and not satisfactory. Lower vessel utilization directly influenced by delayed client decision has been a key driver also this quarter. Looking at the full year of '25 and with a weaker second half of that year, our revenues were at the same level as '24, but with less than half the EBIT. This is highlighting the need for us to learn and improve planning execution and our ability to secure work.

On the other hand, the Reach Remote program has achieved major milestones last quarter. And while implementation costs impact us in the short term, these investments are relatively low when viewed over the longer term. Combined with a fast time to market and a solid performance, this significantly strengthened our long-term outlook. These achievements are also building strong confidence in our scaling program where we are progressing according to plan and preparing for the next phases of expansion.

With that backdrop, let's look at how we will navigate a softer market while sharpening our own performance. Fleet capacity on our manned vessels remains unchanged for the coming year as the option for Olympic Taurus is now extended throughout 2026.

On the unmanned side, the Reach Remote fleet will become an increasingly important part of our overall capacity and the service offering. Reach Remote 1 and 2 will add capacity in 2026 and Reach Remote 3 and 4 are planned to join the fleet in mid-'27.

Speaking of joining the fleet to this, it is worth noting how certification and implementation time lines have developed over time. From around 7 months for Reach Remote 1 to be certified to roughly 7 weeks for Reach Remote 2 to be certified. And based on these learnings, we expect the onboarding of Reach Remote 3 and 4 to be measured in days rather than months.

We maintain ownership of a few strategic assets, 50% of the Viking Reach, 33% of the Newbuild 76 and full ownership of the Reach Remote vessels. Our order backlog remains stable year-over-year and tender activity is rising. Encouraging is to see that around NOK 1 billion of the total NOK 10 billion in tenders now specifically called for USVs.

To give you a better understanding of what we do, Reach Subsea operates on the 2 connected fronts, conventional subsea services and the introduction of new technologies that change how the industry works. These are not separate tracks. Our operational experience is what enables successful technology development. Practical offshore understanding is essential to deploy solutions like Reach Remote. At the same time, the remote technology development strengthens our traditional operations.

Across all markets, oil and gas, offshore, wind and emerging ocean space industries, the core challenge is safe and efficient asset planning, installation, operation, monitoring and in the end, decommissioning. Our combined approach supports every part of this life cycle.

With that in mind, let's look at Reach Remote, the value it delivers today, how it integrates across our businesses and the role it will play going forward. The certification of our onshore control centers has been a key achievement this last quarter, enabling us to manage remote operations safely and reliably across regions and countries. Reach Remote is steadily building its track record. Across our 2 vessels, we have now gained over 370 days of unmanned operations, generating essential learnings for the whole remote model.

This quarter, we have showcased 2 key commercial campaigns. The successful campaign at Ormen Lange for Shell with Reach Remote 1 and the ongoing campaign in Australia for Woodside with Reach Remote 2. These operations clearly show how quickly the Reach Remote platform is maturing and how reliably it performs offshore.

At the same time, we are seeing a real double tech magic in action. Throughout the Australian campaign, the Reach Remote team in Perth and the gWatch team in Bergen are jointly connected online around the clock. Closer to home, Reach Remote 1 has supported Statnett over the past few weeks with important subsea work in Norwegian fjords, helping safeguard power infrastructure sector and showing how Reach Remote is already a part of critical national operations.

The results in these past campaigns speak for themselves, more than 90% emission reduction and fully unmanned offshore execution, eliminating human exposure and setting a new safety benchmark for offshore operations. But the Reach Remote model is far more than unmanned vessels and subsea robotics. It represents a complete operational ecosystem built around our onshore control centers, our in-house software and our remote-ready fleet.

With the combined capabilities of Reach Horizon, our data and mission management platform, and our remote operations infrastructure and experience, we now deliver an integrated solution that fundamentally change how offshore work can be executed. As we move into 2026, Reach Horizon will advance further expanding its analytical automation and mission planning features. This evolution strengthens our remote operations, but also, as mentioned, it's feeding into our traditional offshore services.

The result is a model where operational expertise and innovation reinforce each other, enabling us to deliver offshore work with lower complexity, reduced cost and a significantly smaller environmental footprint.

And with this, I will hand the word over to Arne, who will take us through our financials.

Thank you, Jostein. Good morning, and thanks for joining our webcast. As always, feel free to post questions in the chat while we speak. Q4 is weaker than last year due to lower utilization, reduced project margins, start-up costs for Reach Remote, foreign exchange movements and higher depreciation.

Revenue came in at NOK 606 million versus NOK 685 million in Q4 2024. EBIT was negative NOK 60.5 million versus NOK 79.9 million in Q4 2024. The negative swing is mainly the utilization mix impact, the initial cost of scaling remote operations and foreign exchange and depreciation.

Profit after tax was negative NOK 57.5 million versus NOK 21.8 million in Q4 2024. We delivered strong operational cash flow, and we closed a new NOK 735 million loan facility in December 2025, further strengthening liquidity. Quarter end cash and cash equivalents were NOK 514 million and the equity ratio, 33.8%.

So in summary, our quarter was impacted by idle time and an unfavorable project mix alongside foreign exchange and depreciation, while cash generation and funding capacity remains solid.

Let's look at our bridge. The sequential EBIT walk from Q3 to Q4 is explained by 3 buckets: one, utilization and mix. There are fewer vessel days and lower project margins. Two, bridge remote ramp-up, start-up and scaling costs are booked in the quarter. Three, foreign exchange and depreciation. We had some adverse currency movements and higher D&A from new assets. We expect a normalization in 2026 during the campaign ramp-up and the remote unit economics to improve as we increase our efficiency.

Now if we look at the bridge from last year, same quarter, year-on-year, the step-down reflects lower activity, weaker project margins and start-up costs for remote operations that were not present last year, and it's partly offset by efficiency and cost discipline elsewhere. Foreign exchange and higher depreciation are additional headwinds versus the fourth quarter in 2024.

If we look at our segments, solutions share is higher and data lower year-on-year. Renewables have grown and helped offset softer oil and gas activity. Norway is down, balanced by stronger international markets. These shifts contributed to the margin compression we saw in Q4. The broader point is resilience. The revenue profile is more diversified, which supports stability through cycles.

The equity ratio at 34% underlines a solid capital structure after a year with significant investments. Cash and net working capital are lower versus peak levels, reflecting asset investments, debt service and fund placements, but liquidity remains strong. The NOK 500 million bond issued in July 2025 and the new NOK 735 million loan facility that we signed in December, provide long-term financing flexibility for our fleet, equipment and the remote scale-up.

And now over to Jostein for the summary.

Thank you, Arne. As we close out 2025, we acknowledge that the market has been turbulent, and it will likely remain so in the short term. But we are actively positioning ourselves to navigate this landscape. At the same time, throughout '25, we have moved the Reach Remote model from concept to commercial reality. Taking delivery of Reach Remote 1 and 2, piloting them in demanding environments, establishing regulatory pathways and securing the necessary approvals and in the end, placing both units on to commercial operations and all this within the same year.

We are now operating in the most demanding and challenging parts of the world, the Norwegian fjords and the far offshore northwest of Australia. And this pace of development is exceptional within our industry. These breakthroughs give us a robust platform to grow from and increase confidence as we continue building the next phases of our remote capabilities.

The milestones we have achieved this year are not just technical achievements. They mark a significant step towards delivering on our long-term vision of sustainable access to ocean space and also redefining how offshore operations can be carried out in the future.

Please continue to submit your questions in the webcast player. We will be back shortly to address them.

Arne, do we have some questions?

Yes. Thanks for listening to our webcast. We have a couple of questions. First 2 are both related to Reach Remote. So first one, are the 2 remote vessels making money today? And what is our contract strategy for the remote vessels?

Yes. Yes, they're isolated in the projects they are doing. They are making money. And the contract strategy going forward is -- yes, we are using them as a tool where we price it as normal jobs and so on. So we -- but in the long term, there will be both spot market and long-term contracts for these vessels.

Good. Another one for you, Jostein. Any news about the scale-up of further remote units?

Yes. We are working on that. And that's a long-term plan. Of course, introducing something new and making sort of a different way of approaching subsea and offshore work. There will be a demand coming, so we have to be prepared for a bigger scale-up. Of course, we have the Reach Remote 3 and 4 coming next year. So that's a small scale up, so to say, but we are working on the big plans for the next 5 to 10 years. So -- but we will come out with news as soon as we have them.

Yes. Thank you. A question related to Reach Remote 2 down in Australia. Are there any plans after the Woodside contract that it's currently working on?

Yes, we have a schedule, I think to June. There are some IMR work and also seabed mapping work and so on. So the schedule is laid for the next half year.

Very good. Question about vessel utilization in 2026 and going forward, if we can say anything specific about what aims we will take in order to increase the vessel utilization in 2026 and going forward?

Yes. It's the same. It is a turbulent market, and we just have to be better in selling on it. That's the thing. So we keep the same capacity as we see. It's just to be a bit more clever on which regions we are in and so on when it comes to the traditional services and the manned vessels.

Indeed. Thank you. So a question about the first quarter in 2026, whether we expect the weak Q4 to be reversed in Q1 2026?

It's a question of guiding again, and we don't have a tradition for that.

No. So we have to wait and see. There is a question that I can answer. Which measures will be taken to improve the financial result?

I think if you have a look in the presentation and the EBIT bridges, both from Q3 2025 and from Q4 in 2024, there were many headwinds specific to the last quarter. Utilization is one thing, project margins another. We also had some one-offs, and we had some current -- some FX headwinds. So the measures we need to take, it's about utilization and project margins where we need to get back on track. That will obviously help.

There is a question, Jostein, where maybe you can elaborate. It's about exercising options on the chartered vessels with such a low utilization environment.

Yes. It's back to keeping the capacity for the coming years. We don't see that the activity in '26 will be good. So time will show there as well, but we have that picture. So when you see in the longer picture, we have a change of vessels when the newbuilds are coming and so on. So we are preparing for -- you can say we are preparing for the 2030, so to speak, with unmanned vessels and also more modern vessels when we are coming there.

Absolutely. And we also had the delay of Viking Vigor, which was communicated. So it's about keeping the fleet capacity at level.

Exactly.

Yes. Another question about Reach Remote. Has that got a long-term contract? And will it stay in the Norwegian market?

No long-term contracts yet. So the Reach Remote 1 will be here in Norway in the short term, at least as we can see now. Regulations will open up for international sort of transit and operations in more European countries and so on. So -- and also we have interest in other parts of the world, so to speak. So -- but no long-term contract yet, but we are working on that.

Yes. Thank you. There's a follow-up question to measures will be taken to improve the financial result asking if we will do anything ourselves on the cost side, that is. And obviously, we are working with the entire organization to keep the cost level at a sound level. And we already see that SG&A, for example, is flattening out.

Yes, of course. Yes, we have to look at the cost side in this market and it's a natural thing to do.

Yes. That's good. Thank you, Jostein. There is a question here, Jostein. Can you share your long-term software engineering plan, seeing how big part this is of your product? Specifically, which efforts will be taken to increase profitability from software and to incorporate recent groundbreaking technology developments within AI for robotics?

That was a long question. But in short, yes, the software part, now we are introducing a complete robotics offshore with subsea robotics and maritime robotics. And the software we are developing and it's like training the brain to be autonomous in the future. So we see that connecting everything together, we are doing exactly the same as other robotic companies around the world. It's just the type of robotics we are using. But the software is learning day by day. So the track record we are building up with our totally unmanned operations is just speeding up.

And I guess the AI for the past couple of years has also speed up everything when it comes to software. So the software we are building in the long term will be a good income source when we are there, when we have learned the brain, so to speak, in autonomous operations. So it's an exciting combination. And now it's good to see that our robotics, the marine robotics and the subsea robotics and the software is working excellent together. So it's exciting times, equally exciting times for us as for the other robotic companies.

Absolutely. Good. What is the competition within the remote vessel segment? And how do we look at the prospects of entering into long-term contracts for the remote vessels?

I think the competition within this marine subsea robotics is limited to maybe 5 international big companies. And when we are looking where we are really ahead, we have spent less time and money compared to the competition. So we are ahead, but we have to stay ahead of competition, of course. So that's why we have the plans on further developing both software and also scaling up and so on.

Thank you. There's a question about cash flow and working capital. Can you help us understand the large movement in working capital?

I think the biggest change there, if you look into our cash flow statement, there is a large change in accounts receivable and prepayments. We also made a few investments in the fourth quarter. We purchased shares in associated company that's related to one of the newbuilding vessels where we have ownership share. We also purchased some fixed assets. And we also made a fund placement as we have had some excessive cash sitting in our accounts for a little while. So you can see that in the cash flow statement as purchase of short-term investments. For detailed questions like that, send an e-mail as well, and we can work on it together.

Jostein, do you plan for a sales division scale-up in order to -- I think that question was cut. So I don't have the last part of it, but I think it's about the commercial side and specific sales organization for the remote sector to penetrate new segments across the globe and secure new customers.

Yes. Well, for the time being, we are selling this through our traditional services, and that's the low-hanging fruit, so to speak, into the asset owners and specifically oil and gas industry and so on. But into the future, we're going to lower the sort of threshold for ordering or buying information from the sea and from subsea. So there will be a separate or we have to -- we're going to aim for the emerging industries and also new type of clients when it comes to know-how about the subsea and the oceans and so on.

So definitely, for the time being, we are selling through the traditional services, but soon we will be selling offshore services and subsea services to a new type of clients. That's the exciting part we introduce something new to the world, there will be new type of industries and new type of clients.

Very good, Jostein. I think you partly answered the next question goes on the sales development, how do we enter the defense market and targeting IT infrastructure, if we have any specific strategy?

Yes. That's an interesting -- well, surveillance and patrolling areas and so on is increasing demand. So we have worked on that for the past 2 years, and it's now showing fruits, of course, when we are allowed to sail and have shown that the -- both vessel and subsea robotics and everything is working. So it's opening doors also in that segment.

Absolutely. I think that was the last question for today. So thank you to the audience and for the questions coming in.

Yes. And we have to go back to work on.

Yes.

Yes. Thank you, all.

Thank you.

Good morning, and welcome to our Third Quarter 2025 Webcast for Reach Subsea ASA.

Our report and presentation were released this morning. And I'm Jostein Alendal, CEO, and I'm here with our new CFO, Arne Joa. I will give Arne the opportunity to introduce himself in a bit, and he will also cover our financials more in details.

First, I will start with the key highlights for the quarter behind us and our view on the way forward. And not at least, I will further explain the major step in Reach Remote development we now have achieved. By being the first ever unmanned vessel operating in Norwegian oil and gas fields, the concept has taken the big step beyond proof and ready for the next steps. More about that later.

Please submit questions via the webcast player, and we will address them in the Q&A session after the presentation.

Our third quarter results are below expectations and targets. This is mainly due to 2 things: lower vessel utilization and extraordinary costs associated with the implementation and certification of Reach Remote. I will address the first here and come back to the second later.

We knew the market was going to be both cautious and turbulent this year, but having a vessel alongside through a third quarter is quite unusual and for sure, not something we will be continuing with. However, I would like to highlight that we are delivering strong project results also this quarter, a point that Arne will return to.

Global uncertainty continues to affect the project timing with some decisions postponed, also somewhat impacting our firm backlog. That said, the firm backlog has, over the years, been approximately 1/3 of our annual capacity. Despite this, we believe long-term outlook for the global subsea industry remains good, supported by stable OpEx activities and sound CapEx plans for the coming years. Our service offering continues to be highly relevant across all offshore industries. And our tender volumes are increasing. Interesting to notice here is the latest increase in pure USV tenders, highlighting a growing market interest as soon as our license to operate was in place. Around 40% of current tenders include campaigns where Reach Remote can be deployed.

So let's look at how we can respond to a potential market slowdown at the same time, maintain potential for growth also in the coming years. The largest component of our cost base are the vessels and our business model is based on leasing the manned vessels rather than ownership. Partly ownership is reserved for a few strategic core assets, like the Viking Reach and the Newbuild 76. The fleet's structure provides us with a good core fleet through a combination of fixed agreements and profit share models.

Our charter agreements and options still have cost-effective rates compared to current market prices. The options gives us flexibility to replace vessels or reduce the fleet if deemed necessary to adjust to market in the coming years.

Some movements for 2026 though have taken place lately. We have exercised the first 1-year option for the subsea vessel Olympic Triton, extending the charter through February 2027. We have also been informed that the delivery of the newbuild vessel Viking Vigor has been postponed from the first to the third quarter of '26. The delay of Viking Vigor does not affect our operational schedule as such as our order book and other commitments are not tied to any specific vessel. Remaining decisions on the fleet size is the first option for Olympic Taurus for 2026. And the Reach Remote fleet will play a key role going forward.

Now let's look into our services and deliverables. Our services remain relevant across well-established markets, such as oil and gas and offshore wind as well as in emerging sectors. What all these markets share is our need to plan, install and operate and monitor and eventually decommissioning assets in the ocean space. And we support every phase of that life cycle. Uptime on production remains a top priority for our clients, and we provide efficient, reliable solutions to help them achieve that goal. Framework agreements and approved supplier status are essential in these segments.

We collect and process data from the seabed and the subsea installations, delivering fully processed output such as maps, 3D models and reports that enable informed decision-making. These services are offered both as a stand-alone solution as a part of integrated package. We have built a strong expertise in geological monitoring using proprietary technology, ideally suited for detecting changes in gas and CO2 levels in reservoirs. Common for all these markets is a constant focus on cost efficiency, safety and value. And our ability to now deliver services also remotely is a key differentiator, enabling clients to reduce cost without compromising quality or reliability.

So let's take a closer look at the Reach Remote concept, its current value proposition and how we envision the evolution going forward. The Reach Remote concept is more than vessels and subsea robotics. Together with the capabilities of our in-house developed software, the Reach Horizon, the total delivery makes a compelling value proposition for any customer in the ocean space. We bring the entire offshore operation to the clients' locations, onshore, reducing complexity and cost. We have connected the marine robotics with the subsea robotics and with the important milestone we just achieved, the license to operate the Reach Remote 1 vessel totally unmanned in Norwegian waters and Reach Remote 2 ready for work in Australian waters. We have opened the door for accelerated development.

The extensive verification program, the extra time and the extra cost we have spent over the last 6 months is relatively small compared to the huge breakthrough this represents. We have worked closely with the leading energy companies throughout the development and testing phases of Reach Remote, ensuring that the concept meets real-world operational needs. These companies like Equinor, Total, Shell and Woodside are now early adopters of our remote solutions, a critical step that validates the technology and sets the stage for a broader industry acceptance.

This collaboration not only strengthened our position in the energy market, but also build confidence for future applications for the rest of the ocean-based industries. Their adoption is a key catalyst for other sectors to follow. For these emerging sectors, the threshold for buying offshore operations are lowered, both in cost and complexity as we bring the whole operation to the client.

With Reach Remote 1 and 2 and the full remote setup in different time zones and with the ordering of Reach Remote 3 and 4, we have started the scale up. We are also exploring opportunities to further accelerate that scale up. And the business case and economics is very sound even on a single unit basis, and further expansion of fleet will improve this drastically. The benefit of operation in several time zones adds on to this. There is always daytime somewhere.

Reach Horizon is also the starting point for leveraging data to continuously improve processing and accelerate the journey towards autonomy in data processing. Today, Reach Horizon is not just a Reach Remote management platform, it is becoming a stand-alone product, enabling smarter and more efficient operations across both remote and conventional vessels. There are no limits to the types of robotics we can integrate, making this platform the foundation for future innovation and transition to both remote and autonomous operations across the offshore value chain. Reach Remote is not only about vessels. It is a comprehensive solution, enabling existing and emerging industries to access ocean space in an entirely new way.

With this, I will hand the word over to Arne, who will take you through our financials.

Thank you, Jostein, and good morning. This is my first time presenting quarterly results as CFO in Reach. My name is Arne Joa, and I have 20-plus years experience from banking, finance and industry. I'm very happy to be a part of this exciting company, and I'm looking forward to the journey we have ahead of us.

So if we start by looking at the third quarter isolated, our utilization was somewhat lower than in the second quarter. Revenue was NOK 688 million with a 7.3% EBIT margin compared to NOK 834 million revenue in 3Q 2024 with a 16% EBIT margin. Project results are in line with the same quarter previous year when adjusting for costs associated with idle time. Start-up costs on the Reach Remote vessels, including having the Northern Maria as a support vessel, is also contributing on the negative side in Q3 2025. Year-to-date revenues at NOK 2.07 billion are slightly higher than the same 9-month period last year. The EBIT margin in the first 9 months in 2025 are 10% compared to 14% in the same 9 months period last year.

The reduction in margin is mainly due to the reasons specific to the third quarter in 2025. Profit for the third quarter was NOK 34.8 million compared to NOK 92 million in the third quarter last year. The cash flow in the third quarter this year was strong. Operational cash flow was NOK 340.6 million compared to NOK 307 million in the same quarter last year. This was mainly due to working capital movements. Additionally, cash flow from financing was positively impacted by the bond issue in July and the net change in cash and cash equivalents amounted to a solid NOK 446.4 million.

The EBIT bridge is showing the key drivers behind the sequential reduction of EBIT from the second quarter to the third quarter in 2025. As previously said, the project results are satisfactory and contributing positively. However, the utilization effects from some idle time in the quarter and extraordinary start-up costs associated with the Reach Remote ramp-up is contributing significantly to the EBIT reduction of NOK 40 million from NOK 91 million in the second quarter to NOK 51 million in the third quarter 2025. The same story can be told to explain the reduction in EBIT from NOK 134 million same quarter last year to NOK 51 million in the last quarter. Project execution is good, but utilization effects from idle time and Reach Remote ramp-up are the main reasons behind the EBIT reduction.

Now let's look at the revenue mix split between segments, sectors and regions in the quarter. Our third quarter turnover from renewables continued to grow and accounted for 44% of our total revenues in the quarter, while projects in the oil and gas sector represented 56%. We also split our revenue on our 2 major market segments, data and solutions. In 3Q, about 75% of the turnover came from solutions, while 25% came from data.

We also present our geographical distribution of turnover to illustrate our strategic expansion to new areas as well as meeting new and existing client needs. In the third quarter, activity in Europe, including Norway, represented about 55% of our revenue compared to 82% last year. The lower activity in Norway is partly offset by increasing activity in other regions.

Now over to our balance sheet. Reach has taken active steps to strengthen its balance sheet over the last year. The equity ratio stood at 35% by the end of the third quarter in 2025. This is an improvement of 5 percentage points from the same quarter last year. We have a cash and working capital position of just about NOK 850 million. This is a substantial increase from the same quarter last year and is, of course, impacted by the NOK 500 million bond issue in the beginning of this quarter. Our financial debt has increased proportionally, but it is good to have a sound balance sheet with an improved equity ratio and strong cash position.

With a strong cash position and financing in place from reputable banks in addition to the European Union funding, Reach Subsea is now very well positioned for the remaining investments in Reach Remote 3 and 4 and further scale up of the Reach Remote concept. We are very pleased with the new bank loan where also DNB came in as a lender alongside SpareBank 1 Sør-Norge and Eksfin. It's NOK 735 million facility, which also includes an RCF facility and a contract tranche for the remote vessels. Like you know, the term sheet was signed in September, and we have now progressed well with the loan agreement, was signed last week, and we now expect closing well before year-end.

We use sustainability and ESG focus as a foundation for profitable growth in line with our strategic goals and KPIs. We are investing heavily in remote operations and a modern environmentally friendly fleet. Reach Remote is a key enabler for Reach to reduce our environmental footprint.

Jostein, I give the word back to you for a summary before we continue with the Q&A session.

Thank you, Arne. In summary, current market is a bit turbulent at the moment, and we will navigate through that. At the same time, we are over a huge barrier when it comes to introducing new technologies. These milestones we have achieved are not just about technology. They represent a major step towards fulfilling our vision, sustainable access to oceans based.

Please continue to submit your questions in the webcast player, and we will return shortly to answer them.

Yes. The Q&A, Arne. If you take the questions. You can throw the questions to me when you feel that it's for me. So...

Yes. We have a few questions coming in. We have a couple of questions on the market. So they go to you, Jostein.

So first one is why extending vessels like Olympic Triton when the market is cautious and clients scaling back?

It is a total view of our fleet in '26 that is -- yes, we need the core fleet also in '26. So I'm not that worried about the next year as such. And as I mentioned, we have more outstanding options. So we can regulate the total fleet for '26 still. So...

Thank you. I think that also answered a couple of other questions on the market.

That said, it is a good option. So we are still in -- the price we are paying for the vessels next year are still very competitive even in a cautious market.

Thank you. Also have a couple of questions regarding Reach Remote 2 that has been moved to Australia. So first one, can Reach Remote 2 operate without a support vessel in Australia? If not, what is the progress in that regard?

The operation in Australia is without a supporting vessel. We have established the bridge, operate the ROC center and also supporting ROC center in our office in Perth. So when we operated in Norway with a supporting vessel, we had ROC onboard the supporting vessel. In Australia, we don't need that. So the project itself in Australia needs a guard vessel up in Scarborough that's due to the geographical distances and so on and the nature of the operations on the field. But that's something different. It's not the -- as we did here with the certification in the Norwegian waters, we have the bridge on board the supporting vessel, and that was for certification purposes only. So we are through that.

Thank you. Also more questions on Reach Remote. Can you say something more on the potential for upscaling the Reach Remote program?

Yes. The upscaling is quite interesting because it speeds to reach the scale of economics and so on. It's quite interesting. And we have started to scale up with the ordering #3 and 4. And we are looking into -- how is it possible to actually speed up the scale up because we see that as soon as we are through this barrier of certification in one country, it's moving along in other nations. So that's just a matter of speed.

Okay. There is one question for me here, if we can provide a breakdown of the CapEx in Q3. Not here now a detailed CapEx, but we activated Reach Remote 1 ROV and also did some activation on Reach Remote 2. Additionally, we paid the first installments to the yard on Reach Remote 3 and 4 in Q4. So that's the majority of the CapEx in Q3. There's also a question on the CapEx commitments going forward. I think that's explained a little bit in the report, but it's mainly, of course, Reach Remote 3 and 4, where we now have a good financing package in place from banks and EU grant in addition. So there's not a huge amount of CapEx on top of that.

There's also another question on the Reach Remote. What bottlenecks are there regarding production capacity for Reach Remote? Jostein?

Bottlenecks. Well, the limitations of a small vessel is obvious, and it only has one ROV. I don't know any bottlenecks as such when comparing to manned vessels with cranes and so on, there are some obvious bottlenecks in one can do. But it's purposely built for exactly inspection and maintenance work where you only need 1 ROV with the world-class capacity. So it's -- I don't see any bottlenecks for what it's built for.

Good one. There is one question again about the Reach in Australia and the market reception there and bids. Can you say something about the market reception in Australia?

Yes, extremely good. We had -- the first job we are going to do is for Woodside, and Woodside was a part of the pilot earlier this year and have been very supportive during the pilot and the certification time here in Norway. So yes, the reception is extremely good. So it's -- I think we have through the winter here, now into spring time and also looking at sort of more long-term operations. So establishing Reach Remote 2 in Australia is a part of the long-term plan we have to have Reach Remote operation centers in all time zones, as I have said earlier. So -- but the reception is extremely good. We have shown the capacities here in the North Sea, and it fits perfectly with also operations in the Australian waters.

Thank you. There's also a question on market segments. Do you have any leads within defense for surveillance for Reach remote vessels?

Yes, we have. And that's -- we can call it an emerging sector for us. And we are in quite good dialogue with a number of national authorities. And also part of the pilot was the Navy in Australia. They were also a part of the pilot earlier this year. So one of the sponsors of the pilot was as such. So -- and there also is the time it takes for them to adopt. Everybody was sort of waiting for the certification as such. Then you see that, yes, it's allowed to -- very important milestone also with regards to authorities and so on.

This is a follow-up question to the questions about bottlenecks regarding Reach Remote. The question specifically was if there are any bottlenecks regarding how fast we can scale up.

How fast -- yes, that's a question we have to return to. And as soon as we have explored the sort of -- there's a lot of different opportunities there. But we have to revert when it's materialized, I guess that's the -- I don't have the answer how quickly, not yet.

Thank you. There's also questions on the extra expenses on Reach Remote in Q3, if that is something the shareholders shall expect to occur and be repeated going forward.

I think I can answer. In Q3, we had the Northern Maria as support vessel, which contributed quite significantly to the cost on Reach Remote 1. There were also some, what should we say, child diseases, implementation costs, training on personnel and so on.

I don't know if you want to elaborate on that one, Jostein, about cost going forward, and if they will be kind of repeated what we saw in Q3.

No, it won't be repeated, of course. This -- we miscalculated the time it takes to get the authorities to approve for the first time in history, unmanned vessel operating in the Norwegian waters. So it's a clear one-off. But we have been through that. For the first time in the Norwegian maritime in history, there's an unmanned vessel going in and out in Kristiansand. So this is -- yes, but it took a bit longer time for us to get the Norwegian maritime authorities in line and DNB and everything. So it's -- but it is a one-off.

I think we can take one more question before we round off, and that's on the near-term market vessel scheduling for Q4. So how do you see Q4 and the start of 2026, Jostein, the market and opportunities for us there, both on remote and conventional vessels.

We are not guiding on quarterly or annually and so on. So we don't do guiding, but my impression of the market is -- in general terms, it's quite good, cautious, of course, all the energy companies are reorganizing and have a focus on cost discipline. That's a good thing. So we are not ending up in a new 2014 where the energy companies didn't earn any money because of the cost level and so on. So it's quite a discipline. So -- but there is a lot to do. So that's my -- I don't think I answered the question. We are not guiding on quarterly or annually in general terms, I see the market as there is a lot to do around the world.

Thank you. One last question on Reach Remote 3 and 4. When will they be ready for operation?

Mid-'27. Yes, mid-'27, we are aiming for that.

Okay. I think that's all. If there are any more questions, feel free to reach out on the company's investor e-mail.

See you in 3 months' time.