Mandatory notifications of trade
The following transactions have taken place today on 20 February 2019.
North Energy Capital AS, a subsidiary of North Energy ASA, has purchased 44,390,156 shares in Reach Subsea ASA (“Reach”) at a price of NOK 2.367 per share, and has subsequently transferred 46,126,567 Reach shares to North Energy ASA. Following these transactions, North Energy Capital AS holds zero Reach shares and North Energy ASA holds 46,126,567 Reach shares, which constitutes an ownership of 32.1%.
Of the Reach shares acquired by North Energy Capital AS:
• Accello Partners I AS, a 90% owned subsidiary of North Energy Capital AS, has sold 40,600,000 Reach shares at a price of NOK 2.367 per share, and now holds zero shares.
• Anders Onarheim, Vice Chairman of the Board of Directors of Reach, has sold 1,755,743 Reach shares at NOK 2.367 per share via his fully owned company AB Investment AS. Total number of shares owned directly after the transaction is zero. Onarheim is also part owner in Accello Partners I AS.
• Rachid Bendriss, Observer in the Board of Reach, has sold 817,082 Reach shares at NOK 2.367 per share via his fully owned company Celisa Capital AS. Total number of shares owned directly after the transaction is zero. Rachid Bendriss is also part owner in and Chairman of the Board of Accello Partners I AS.
The purpose of these transactions is to simplify North Energy’s corporate structure and to consolidate North Energy’s strategic ownership interest in Reach. Anders Onarheim and Rachid Bendriss are both primary insiders in North Energy, and the two largest shareholders.
Please also see separate stock exchange notice from North Energy today.
For further information, please contact:
Birgitte W Johansen, CFO
www.reachsubsea.no