Reach Subsea returns to profit as offshore market picks up

Reach Subsea pushed into new markets in the first quarter, bumped up vessel utilisation and flipped is bottom line into the black.

The Oslo-listed offshore vessel owner reported a NOK 6m ($568,050) pre-tax profit for the first three months of 2023, reversing a NOK 44m loss for the same period last year as its project backlog jumped 133% year-over-year to a record NOK 815m.