Reach Subsea’s Board and management have agreed to make organisational changes since the Company’s current Chairman, Rune Lande, will be absent from November 2014 to March 2015.

Kåre Johannes Lie will be nominated as executive chairman and Jostein Alendal will take over as CEO. Rune Lande will leave the board but will continue as secretary of the board.

Kåre Johannes Lie says: “After many years of long hours and exciting challenges this is a good time to hand over the daily operations to Jostein and focus my efforts on the strategy and direction for Reach. I am very motivated to continue contributing to the further development of Reach through the role as a chairman. We now have a solid platform and Jostein is very well qualified to take over as CEO with a very competent team behind him.”

On behalf of the Board and representing the largest shareholder, Accello Partners, Anders Onarheim said: ”We are very pleased with this solution. We have full confidence that Jostein will continue the solid work Kåre Johannes has done in establishing Reach’s position in the subsea market. Jostein has vast experience from the subsea market and has an extensive network in the industry. We are also very pleased to continue to be able to take advantage of Kåre Johannes’ valuable experience and expertise, and he will dedicate a large part of his time working with the team to win further contracts and develop the company. We will also take this opportunity to thank Rune Lande for a very solid job as chairman for the last 18 months and are very pleased to draw upon his capacity as secretary of the Board.”

The Nomination Committee has endorsed that Kåre Johannes Lie is nominated as new chairman of the board.

Press Release, May 13, 2014