Reach Subsea ASA (OB:REACH) entered into an agreement to acquire Guardian Geomatics Pty. Ltd. from shareholders for AUD 15.5 million on October 6, 2023. The purchase consideration paid to selling shareholders will consist of approximately 16 million new shares in Reach Subsea ASA, plus AUD 5.5 million in cash to be paid one year after the closing date. As on November 15, 2023, Reach Subsea issued 15.5 million shares as part of the consideration. The exact number of consideration shares to be issued will be determined on the closing date. The consideration shares issued to selling shareholders are subject to a 4-year lock-up structure, whereby 25% of the shares are released on each anniversary. Guardian Geomatics In FY 2023 (fiscal year ending 30 June, 2023), revenues reached AUD 41.7 million, a growth of 96% compared to FY 2022. 2023 EBITDA was AUD 6.2 million, a growth of 41%. The transaction is subject to certain customary closing conditions. The expected closing occur during November, 2023.

Reach Subsea ASA (OB:REACH) completed the acquisition of Guardian Geomatics Pty. Ltd. from shareholders on November 15, 2023.