12:07 AM EST, 11/10/2026 (MT Newswires) -- Reach Subsea (REACH.OL) received a statement of claim for damages of up to 158.5 million Norwegian kroner, plus interest, from Norwegian state-owned transmission system operator Statnett. The subsea services company rejected the claim on Monday, citing lack of merit, according to a same-day release. The claim relates to a cable installation contract that Statnett eventually awarded to another bidder. Reach Subsea promised to defend itself in legal proceedings related to the claim.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.