Argeo AS

Investor Presentation • Nov 21, 2024

ARGEO Q3 2024 PRESENTATION

21 November, 2024 TROND FIGENSCHOU CRANTZ, CEO ARGEO ODD ERIK RUDSHAUG, CFO ARGEO

Disclaimer

About this Presentation

By reading this presentation, any document, instrument or transmittal made available in connection herewith, or attending any meeting or oral presentation held in relation thereto (the "Presentation"), you (the "Recipient") agree to be bound by the following terms, conditions, qualifications and limitations. The Presentation has been produced by ARGEO AS (the "Company") solely for informational purposes, concerning only the subject matter herein, and does neither constitute, form part of, nor should it be construed as, an offer to sell or a solicitation or recommendation of an offer to subscribe for or buy, any securities of the Company in any jurisdiction. In relation to any offers comprising securities in the Company, prospective investors are required to read all offering materials and other relevant documentation released in relation thereto for a description of the terms and conditions thereof.

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Forward Looking Statements

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professionals" for the purposes of Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on the Presentation or any of its contents. Any investment or investment activity to which the Presentation relates will be available only to Relevant Persons. United States: This Presentation does not constitute an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration or under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States, the securities described herein will be offered only to qualified institutional buyers ("QIBs") within the meaning of, and as defined in, Rule 144A under the Securities Act. Outside the United States, the securities described herein will be offered in accordance with Regulation S under the Securities Act to non-U.S. persons (as defined in Regulation S). The Recipient warrants and represents that (i) if it is located within the United States and/or is a U.S. person or in the United States, it is a QIB, (ii) if it is a resident in the United Kingdom, it is a Relevant Person.

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Agenda

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

Side 3

Highlights

Agenda

Argeo's market position Backlog & tender status Operational update Technology Financials Outlook

Highlights

Financial Highlights Q3 2024

USD 23.0

Revenue Q3 2024

+336% YoY

Third quarter with revenues up from USD 5.3 million in Q3 2023

USD 5.4

EBITDA Q3 2024

Improvement of 7.0

EBITDA up from USD -1.6 in Q3 2023

USD 2.7

EBIT Q3 2024

Improvement of 5.5

EBIT up from USD -2.8 in Q3 2023

USD 0.5

NET PROFIT Q3 2024

Improvement of 4.0

Improvement from USD -3,5 in Q3 2023

USD 23 million

REMAINING BACKLOG Q3 2024

In the quarter we produced USD 23 million in revenue from secured backlog. Remaining backlog is USD 23m excluding future revenue from multiclient data sales

Continuous Growth

Year to Date Q3 2024

Note: All numbers are in USD million

Consistent growth Q3 HIGHLIGHTS

Proven strategy with a shift to profitability

REVENUE Q4-23 Q1-24 Q2-24 Q3-24 USD 1000 Q4-23 Q1-24 Q2-24 Q3-24 EBITDA 0 5000 10000 15000 20000 25000 -3000 -2000 -1000 0 1000 2000 3000 4000 5000 6000 NET PROFIT -10000 -8000 -6000 -4000 -2000 0 2000 4000 Q4-23 Q1-24 Q2-24 Q3-24

Highlights

Main events Q3 2024

• Completed RWE project
• Completed Woodside project
• Completed AUV-scope in Namibia

Subsequent events Q3 2024

• Argeo enters 8-year Multi Client agreement with National Energy Company Staatsolie in Suriname
• Argeo announces a \$13M deal in strategic equipment optimization
• Argeo Successfully Uplisted to Euronext Oslo Stock Exchange

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

Agenda

Argeo in brief

Argeo is an Offshore Service company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions.

/ DAAS

& REPAIR

Markets

MARINE MINERALS

LISTED ON EURONEXT OSLO BØRS

2020's is the O&G deepwater decade!

The offshore sector has emerged as the key new source of supply

"

This comeback looks set to make the 2020s Deepwater's decade," says Espen Erlingsen, senior partner at consultancy Rystad Energy with companies pouring almost \$104bn into the space this year, according to estimates from Rystad, up by almost half since 2020 and the highest level since 2016. By 2027, that figure will rise to nearly \$140bn. Financial times 18.11.2024

"

The industry has a decline rate of 4-5 per cent per year, rising to 7-8 per cent for deepwater projects, meaning significant new exploration is needed just to keep production flat" Patrick Pouyanné, CEO TotalEnergies

"

12% growth in Africa's deepwater segment has always played a key role in terms of ultradeep water adding significant discovered volumes. The contribution of this segment in Africa's hydrocarbon production mix was between 20- 25% last decade and is expected to increase between 35-40% by 2035. Rystad Energy, November 2024

Source: Rystad Energy's Upstream Solutions, June 2014

Deepwater subsea leading the race

The offshore sector has emerged as the key new source of supply

"

Towards the end of this decade, deepwater will be the key, if not the only, source of non-Opec oil growth

The Stabroek Guyana discovery has spurred new exploration by oil majors and some national oil companies in frontiers from Brazil to Angola.

Last month, France's TotalEnergies greenlit its \$10.5bn GranMorgu project in Suriname, which borders Guyana. Off the coast of Namibia, Portugal's Galp, along with Shell and Total, have also made huge discoveries"

Financial times 18.11.2024

Source: Rystad Energy's Upstream Solutions, August 2014

Leading the way in deepwater

OIL & GAS

Expertise

Unique knowledge & track record on deepwater projects

Innovation

Leading electromagnetic sensor technology

Value-add

Cost-efficient survey and inspection and rapid access to data through our digital platform Argeo SCOPE

Growth

Rapidly expanding, leveraging booming offshore investments

Global offshore wind to surpass 520 GW by 2040

By 2040, Europe is expected to account for more than 70% of global floating wind installations

"

Europe will play a crucial role in this growth, relying heavily on floating wind to meet ambitious national targets and make the most of its abundant offshore resources. By 2040, the continent is expected to account for more than 70% of global floating wind installations.

While the floating wind sector has seen a recent rise in project announcements, it currently grapples with supply chain constraints which could hinder the advancement in the short term.

Petra Manuel, Rystad Energy 2024

Source: Rystad Energy's Offshore Wind Solutions, August 2014

Leading the way in deepwater

RENEWABLES

Expertise

Unique knowledge & track record on deepwater projects

Leading electromagnetic sensor technology

Value-add

Cost-efficient survey and inspection and rapid access to data through our digital platform Argeo SCOPE

Growth

Rapidly expanding, leveraging booming offshore investments

Positioned for Growth: Leading exploration for Marine Minerals

The MM market is on the cusp of growth, fuelled by increasing regulatory clarity and strategic governmental initiatives

Market signals are clear

Norway's First Licensing Round (2025): Preparing to open access to the promising seabed areas.

Global Exploitation Regulations (2025): Framework expected to unlock commercialscale operations.

Market Readiness

• Fully equipped to initiate operations as soon as licensing and regulations are in place
• Positioned to lead in exploration and sustainable development of marine minerals

Strategic Position

• Among select few companies with required technical capabilities
• Established expertise in deep-sea exploration
• Complete toolkit for immediate market entry

Leading the way in ultradeep water

Rare ultradeep-rated AUVs

Unique specialised sensor

Proven discovery track record

Ready-to-deploy assets

We are ready when the market is – and it is getting ready

ARGEO SCOPE Complete service solution Technology supported growth focus

DIGITAL PLATFORM

Decision ready data to clients during mission and project lifecycle

Argeo use novel technology protected by strong IP to provide its customers with a unique service solution in all market verticals. Sentral to the complete subsea solution is:

• Cost efficient subsea vessels
• Embedded robotics tools (AUV/ROV/USV)
• Integrated patented sensor technology
• Ship-to-Shore digital data management platform Argeo SCOPE

Rapid data transfer from ship to shore via Argeo SCOPE

SENSOR TECHNOLOGY ARGEO LISTEN + ARGEO WHISPER

All assets are to have Argeo sensor technology embedded

ROBUST STRATEGY with growth in three major markets

With vessels & technology setup to serve three major verticals with value chain exceeding 30 years

SUPERIOR CAPACITY WITH THE MOST ADVANCED AUV FLEET AVAILABLE

Flexible expansion for continuous growth

2023 2024 2025

Agenda

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

Tender pipeline keeps growing with several tenders in final stages

Total tender volume in Q3 of USD 360m

Competing for more Marine Minerals contracts

Proceedings with Oil & Gas majors and IOCs on both sides of the Atlantic for survey and IMR work

Increased activity as Argeo proprietary technology is addressing major issues for offshore wind development

Source: Westwood Global Energy Groupe October 2024

Market and product revenue distribution

DISTRIBUTION PER MARKET Rentals Other 1% Oil & Gas Marine Minerals 19% 64% 2% Renewables 14%

ALL FIGURES ARE YEAR TO DATE (Q3)

VESSEL SCHEDULE

Backlog end of Q3 2024 was USD 23 million

Q3 Operational efficiency – fleet & Project based

with Hugin Superior

92 %

Performance Utilization

Argeo Venture with Hugin Superior

Performance Utilization Performance Utilization

Ocean Guardian with Hugin 6000 on RWE

100 % 95 % 100 %

Survey verification project

Performance Utilization

Performance = [ (Total hours - downtime – stby time)/total hrs * 100] Utilization = [ (Total hours available – stby time)/total hrs * 100]

Vessel & asset allocation and backlog covered

30 60 92 32 ^{91 91 80} 63 60 17 9 12 29 82 92 92 92 92 92 92 75 ^{47 46 52 40 44 46} 0 50 100 150 200 250 300 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 DAYS ALLOCATED Argeo Searcher Yard/Upgrade Argeo Venture Container Hugin 6000 Days Available/Tender Days Idle *

Vessel spread project days allocation

Argeo Searcher:

Backlog coverage of 100% for the remainder of 2024 Utilization Q3 2024: 84%

Argeo Venture:

Backlog coverage of 100% for the remainder of 2024 The vessel was active from medio May 2024 Utilization Q3 2024: 100%

Containerized Hugin 6000:

H6000 came off long-term rental medio March 2024 and was mobilized to Ocean Guardian medio May 24 for the RWE project and finished on the 15th August 2024 Utilization Q3 2024: 49%

Definitions:

Backlog: projects/contracts not completed

Utilization: vessel days on paid project time, including mobilization = 100% utilization

None-active days: yard stays, new builds (does not count in utilization numbers)

Unpaid mobilization/transit/steaming counts in utilization with effect as zero days/lost time

Available days: days not covered by backlog and in a sales or tender process

* Days idle relates to the containerized Hugin 6000 system used on project basis

Agenda

Highlights Argeo's market position

Backlog and tender status

Operational update

Technology

Financials

Outlook

OPERATIONAL UPDATE

Argeo Searcher with Hugin Superior

• Current project: Suriname MultiClient
• Production Status: On schedule
• Completion Target: End-of-January 2025
• Next project: North & South America

Argeo Venture with Hugin Superior

• Current project: TotalEnergies,
• Namibia Venus project
• Production Status: On schedule
• Completion Target: End-of-2024 to January 2025
• Next project: Africa

Hugin 6000 Containerized solution

• Current project: N/A
• Production Status: Idle
• Completion Target: N/A
• Next project: NSA

Argeo Argus USV Uncrewed Surface Vessel

• Project: Survey verification project
• Production status: in mobilisation
• Completion Target: Q2-2025
• Next project: Suriname MultiClient

Project: percentage of completion ARGEO PROJECT STATUS

TotalEnergies Namibia Venus project Argeo Venture in production

Argeo ahead of the wave with presently on contract and working in Namibia with full spread of AUV and subsea equipment including geotechnical

TotalEnergies – on contract to end-2024

GALP with massive discovery of 10 bn boe

Shell in production, Chevron, Woodside running exploration drilling campaigns

Expect more players entering the market

Woodside Calypso project Successful project completion for Argeo Searcher

• First deep-water project for the Shell Nigeria Exploration and Production Company AUV geographical survey in the deepwater Calypso field in Trinidad and Tobago for Woodside Energies

(SNEPCO) and for Nigeria

(NNPC) and its partners under a production sharing contract The partners in the field include Shell (55%), Esso (20%), Total (12.5%) and Agip (12.5%). • It can produce 200,000 barrels of oil per day and 150 million standard cubic feet of gas Woodside Energies Calypso sits within the Deepwater Blocks 23(a) and TTDAA 14 lease blocks Woodside is operator and holds a 70% participating interest

Argeo LISTEN & Argeo Scope Production from the Calypso conventional gas development project is expected to begin in 2027 and is forecast to peak in 2032, Based on economic assumptions, the production will continue until the field reaches its economic limit in 2048.

per day. The cost of the full field development was \$3.6bn.

PROJECT IN NUMBERS

Project water depth From 200 to 2400 meters

• Field operated by SNEPCO on behalf of the Nigerian National Petroleum Corporation Scope of Work (SOW) Geophysical survey

Project performance Appx 60 days including mobilization

Geophysical line km 2300 km

Argeo technology used

RWE Canopy floating wind A hallmark renewables project completed by Argeo

Geophysical and geotechnical deepwater site investigation offshore California for RWE Canopy 1.6 GW offshore wind farm

RWE

The Canopy Offshore Wind Farm (Canopy) project off the coast of Northern California is a key milestone in the development of RWE's first commercial scale floating offshore wind farm. The planned 1.6 GW project has the potential to power 640,000 homes with clean offshore wind energy.

Survey work will inform safe, responsible project design RWE has selected Argeo to lead survey work with sophisticated, proven technology including an autonomous underwater vehicle

"…thanks to the likes of these AUVs, we're moving closer to not only building out our offshore wind capacity to supply more clean energy, but also minimising the impact on the marine environment and promoting coexistence with fishing." (RWE)

PROJECT IN NUMBERS

Project water depth From 100 to 1100 meters

Scope of Work (SOW) Geophysical & Geotechnical site investigation

Project performance Appx 60 days including mobilization

Geophysical line km 2300 km

Argeo technology used Argeo Hugin 6000 + geotechnical equipment

8-Year multiclient agreement

with National Energy Company Staatsolie in Suriname

Geophysical data acquisition with AUV and USV

in partnership with Staatsolie in Suriname. The program is investigating a range of pre-defined areas of interest from the industry, across all water depths in great detail, and will provide crucial insight to hydrocarbon activity around the seafloor.

Staatsolie is Suriname's O&G regulator and National Energy Company. Suriname is a significant O&G exploration hot-spot, with most of the O&G Supermajors present. It is high activity in data acquisition and exploration work to further investigate the petroleum resources. The Multi-client model is widely used in the country, allowing cost efficient data access to the clients.

PROJECT IN NUMBERS

Project water depth From 10 to 4,500 meters

Scope of Work (SOW) Geophysical & Geochemical site investigations

Project performance Appx 70 days with AUV and 150 days with USV

Data acquisition

~2,100 sqkm connected with ~1,250 km of tie lines

Argeo technology used Argeo Listen, Argeo Scope

Successful uplisting to Oslo stock exchange A result of consistent growth and strong performance

Agenda

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

IN HOUSE TECHNOLOGY

CREATES UNIQUE AND VALUE-ADDED PRODUCT

Creating digital construction and operating models based on structured data models from AUV's

Strategy of building a portfolio of methods and Intellectual Property Rights around AUV data acquisition and imaging services

ADVANCED ROBOTICS

ARGEO ELECTROMAGNETIC SENSOR SYSTEM GRANTED 6 INDUSTRIAL PATENTS

ARGEO LISTEN AUV + WROV

• Positioning and burial depth of active power cables
• Electrical cable integrity
• Inspection of subsea cathodic protection systems
• Marine Mineral exploration
• General site survey

ARGEO WHISPER AUV + WROV

• Tracking/burial depth of "dead" power cables
• Cable detection and integrity verification/fault identification
• Tracking buried pipelines
• Detection of Unexploded Ordnance (UXO)
• Decommissioning

ARGEO DISCOVER AUV

• Tracking/burial depth of "dead" power Marine Minerals exploration
  • cables • Detection proven

Tracking buried pipelines

(UXO)

Decommissioning

Cable detection and integrity verification/fault identification • Resource estimation proven

Detection of Unexploded Ordnance

Argeo SCOPE digital solution DIGITAL SOLUTION

Cloud-based solution for management, analysis, and interpretation of Ocean Space data

Enables efficient 3D visualization of Ocean Space Data in a user-friendly browser-based interface, supporting a collaborative data sharing and a smoother interpretation workflow.

Seamless data fusion from seabed measurements such as:

• Synthetic aperture sonar (SAS)
• Sub-bottom profiler (SBP)
• Backscatter
• Bathymetry
• Subsea camera and snapshots
• Environmental data
• Laser measurements
• Geo-taggable documents
• WMS Services
• Interpreted surfaces and horizons from legacy platforms
• Electromagnetic field data

Agenda

Highlights Argeo's market position Backlog & tender status Operational update Technology Financials Outlook

Consistent growth in all key areas FINANCIALS

23

24

All amounts in USD 1,000

Note: Figures are in accordance with IFRS accounting principles

Total assets/ equity and liabilities USD 98m FINANCIALS

Cash flow Q3 2024 FINANCIALS

Cash from operation

• USD 8.0m net cash from operation
• Includes USD 2.2m net positive effect receivables/ liabilities

Investment activities

• USD 1.7m Capex
• USD 0.4m Development expenditures
• USD 0.9m proceeds from equipment sale

Financing activities

• USD 1.1m lease payments
• USD 0.9m repayment long term debt
• USD 1.7m interest payments

\$13M deal in strategic equipment optimization

Equipment Optimization and Sale Lease-Back Agreement

Divestment of non-strategic equipment

Sale lease-back of Hugin 6000 AUV Total transaction of USD 13 million

Sold Equipment: Two SeaRaptors and Hugin 6000 AUV Net Proceeds: USD 7.7 million (after seller's credit repayment and lease downpayment)

Strategic Benefits

• Enhanced liquidity and financial flexibility
• Improved operational performance via centralized Hugin platform
• Reduced support and training costs
• Improved technical integration with Argeo's sensor technology

Long term strategy

Asset Pool Strategy:

• State-of-the-art Hugin AUV systems with Argeo's sensor technology
• Financed by CSI Leasing
• Option to extend with another Hugin system in 2025

"These strategic adjustments are key steps in optimizing our equipment portfolio and improving operational performance"

• Trond F. Crantz

Agenda

Highlights Argeo's market position Backlog & tender status Operational update Technology Financials

Outlook

Outlook

Market outlook:

• Argeo is well-placed to capitalize on booming offshore investments.
  • Expected boom in deepwater projects as investments predicted to rise from \$104B (2024) to \$140B (2027)
  • Deepwater projects are vital to offset industry decline rates (4-8% annually)
  • Africa deepwater output share is expected to grow from 25% to 40% by 2035
  • Offshore wind capacity to surpass 520 GW by 2040, with Europe leading (70% of floating wind)
  • Norway's First Licensing Round planned for Q2 2025 for marine mineral exploration in promising seabed areas covering over 100.000 square kilometres

Upcoming for Argeo

• Argeo Searcher: Completed pipeline test for a major energy company after the Woodside project; began Suriname Multiclient project in November, set to finish by January (add-ons possible).
• Argeo Venture: Finished AUV work on TotalEnergies' Venus field in Namibia; now equipped for deepwater geotechnical sampling, expected to complete by early 2025 (weather dependent).
• Regional Focus: Searcher to remain in the Americas; Venture to continue operations in Africa.
• Argeo's focus on innovation and expertise strengthens market leadership.

Thank you

Side 44