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.