Argeo AS

Legal Proceedings Report • Nov 4, 2024

Argeo enters 8-year Multi Client agreement with National Energy Company Staatsolie in Suriname

Argeo enters 8-year Multi Client agreement with National Energy Company Staatsolie in Suriname

Asker, 04.11.2024: Subsea service provider, Argeo, has entered into an 8-year agreement regarding acquisition, processing and sales of multi-client data in Suriname with Staatsolie, Suriname’s oil and gas regulator and state oil company. The agreement can be extended after the initial 8-year term.

Suriname is regarded as one of the most promising oil and gas exploration provinces worldwide, and recent discoveries are being sanctioned and developed in the years ahead.

Several major O&G exploration companies are present in Suriname which borders with Guyana and French Guiana. The hydrocarbon plays offshore Surinam are likely to share similarities with the nearby plays as found in Guyana, and Brazil. There is an estimated amount of 7135 MMboe of oil and 1015 MMboe of gas discovered in Suriname-Guyana hydrocarbon province (ref. energy market research and intelligence company Westwood).

Argeo’s highly relevant data services will create value for clients throughout the oil and gas project lifecycle, starting with exploration, through field development and production. The execution of this agreement will be carried out in several phases over the contract period and include integrated Turnkey data solutions including geophysical, geochemical, and geotechnical products in addition to several new tools.

The first agreed package and scope of work under the agreement consist of geophysical data acquisition with Autonomous Underwater Vehicle (AUV) and Uncrewed Surface Vehicle (USV) in strategically selected areas. The first phase of the program will be carried out by Argeo Searcher, already on location/prospect and is expected to last for 60-70 days. The following USV program is estimated to take 120-150 days and will commence early 2025. Argeo Searcher has undergone a short upgrade to enable the vessel to carry out the geochemical and geotechnical work with newly commissioned handling systems to be used for future projects.

The agreement kick-starts the development Argeo Multiclient, hosting the company’s global multi-client library, which is strategically important as it enables new set of acquisition projects, product innovations, and the global commercial introduction of Argeo Scope as business to business (B2B) digital sales and product platform to the industry. Together, these elements create significant revenue potential for Argeo in the years to come. Prefunding and late sales will be reported on a quarterly basis. Staatsolie and Argeo will jointly market and develop the project over the contract terms. Additionally, Argeo has secured licence to operate and to include proprietary contract services directly to clients in Suriname.

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Odd Erik Rudshaug, CFO Argeo ASA, on 4 November 2024 at 08:00 CEST.

About Argeo ASA 

Argeo is a comprehensive subsea service provider, operating across three major sectors: Oil & Gas, Marine Minerals, and Renewables. The Company offers a unique package that integrates robust vessels, state-of-the-art autonomous underwater vehicles (AUVs), advanced sensors, digital imaging technology, and an intuitive digital platform designed to collect and visualize complex data. 

With their own vessels and high-performance AUVs, Argeo delivers fast and flexible full-lifecycle services, including survey, inspection, maintenance, and repair, aimed at improving efficiency and reducing the carbon footprint for global, industry-leading clients. 

Founded in 2020, Argeo has established offices in Asker (Oslo), Edinburgh, Houston, and Rio de Janeiro. 

The Company is listed on Euronext Oslo Børs under the ticker: ARGEO. Please visit www.argeo.no for more information.