Argeo AS

Investor Presentation • Aug 29, 2024

ARGEO Q2 PRESENTATION

29 August, 2024

TROND FIGENSCHOU CRANTZ, CEO ARGEO ODD ERIK RUDSHAUG, CFO ARGEO

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About this Presentation

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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

Introduction to Argeo

Backlog & tender status

Operational update

Technology

Financials

Outlook

Side 3

Agenda

Introduction to Argeo Backlog & tender status Operational update Technology Financials Outlook

	Financial Highlights Q2 2024
--	------------------------------	--	--

USD 15.7	USD 4.2	USD 1.6
Revenue Q2 2024	EBITDA Q2 2024	EBIT Q2 2024
+1037% YoY	+368% YoY	+160% YoY
Second quarter with revenues up from USD 1.4 million in Q2 2023	EBITDA up from USD -1.6 in Q2 2023	EBIT up from USD -2.7 in Q2 2023

USD -0.9 NET LOSS Q2 2024

+66% YoY

Improvement from USD -2.6 in Q2 2023

USD 45 million

REMAINING BACKLOG H2 2024

During H1 2024 we have converted USD 71 million in backlog from won tenders. Of this, we have produced USD 26 million (USD 16 in Q2'24). Remaining backlog at the end of Q2 now totals USD 45 million

Main events Q2 2024

• Argeo awarded substantial contract with Woodside Energy for Calypso AUV survey
• Argeo awarded substantial contract with RWE for Canopy offshore wind project
• Subsequent offering completed raising NOK 30,250,000 in gross proceeds
• Argeo Venture started transit for TotalEnergies project
• Argeo is granted new patent for acoustic tracking of buried subsea objects
• Argeo granted patent from the Norwegian Industrial Patent office (Patentstyret) safeguarding the high-performance electromagnetic system "Argeo Listen"

Introduction to Argeo

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.

Complete service solution ARGEO SCOPE Technology supported growth focus

DIGITAL PLATFORM

Decision ready data to clients during mission and project lifecycle

Rapid data transfer from ship to shore via Argeo SCOPE

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

SENSOR TECHNOLOGY ARGEO LISTEN + ARGEO WHISPER

All assets are to have Argeo sensor technology embedded

Argeo conducts ocean surveys & inspections using autonomous robotic solutions

Argeo uses autonomous and underwater robotics solutions, including Autonomous Underwater Vessels (AUVs) and Work-Class ROVs, to conduct ocean surveys & inspections

CLIENTS INCLUDE:

Oil & Gas companies

Inspection, Maintenance, Repair and Survey (IRMS)

Greenfield development, route survey connection with installation of FPSOs, inspection of existing pipelines, power cables and subsea infrastructure. Subsea inspection programs and general maintenance activities. Seismic support operation for Ocean Bottom Node (OBN) in cooperation with Shearwater Geo.

Offshore wind companies (OWS)

Pre-installation and route Survey (IRMS), cable burial inspection and verification

Survey of new areas prior to installation and inspection relating to building of offshore wind farms in connection with installation of offshore wind parks, installation of power cables and fibre cables and inspections of infrastructure. Multi-Client (MC) for greenfield acreage prior to concession rounds

Marine minerals companies / Geological institutions

Exploration surveys related to new licenses and Resource estimation. Environmental assessments prior and after exploration and extraction activities

More cost-efficient survey and inspection giving our clients

• Faster inspections
• Faster project turnaround
• Lower CO2 footprint
• Safer operations with lower HSE risk

Easy access to actionable data

• Rapid decision ready data to clients during mission and project lifecycle
• Intuitive visualizations of complex data

ROBUST STRATEGY with growth in three major markets

SUPERIOR CAPACITY WITH THE MOST ADVANCED AUV FLEET AVAILABLE

Expansion for continuous growth

2022 2023 2024 2025

Agenda

Highlights

Introduction to Argeo

Backlog & tender status

Operational update Technology

Financials

Outlook

100% conversion rate from submitted tenders to contracts

Several tenders in final stages. Expect client decisions to be made late Q3'24. Tender pipeline keeps growing, but takes time to convert

Total remaining tender volume of USD 130m stretching well into 2025

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

Market and product revenue distribution

DISTRIBUTION

DISTRIBUTION

VESSEL SCHEDULE

Backlog end of Q2 2024 was USD 45 million

Argeo Searcher: with Hugin Superior #1 Argeo Venture: with Hugin Superior #2

Hugin 6000 containerized: with vessel of opportunity (Ocean Guardian)

Operational efficiency – current fleet

Vessel & asset allocation and backlog covered

Argeo Searcher:

Backlog coverage currently running at 67% for 2024. Available days for new projects are 120, for end Q3 and full Q4-2024.

Utilization H1 2024: 86%

Argeo Venture:

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

Utilization H1 2024: 99%

Containerized Hugin 6000:

H6000 came off long-term rental medio March 24 and was mobilized to Ocean Guardian medio May 24 for the RWE project

Utilization H1 2024: 67%

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

Agenda

Highlights Introduction to Argeo

Backlog and tender status

Operational update

Technology

Financials

Outlook

OPERATIONAL UPDATE

Argeo Searcher with Hugin Superior

• Project: Woodside, Calypso project
• Performance: Very good
• Production Status: On schedule
• Completion Target: End-of-August

Argeo Venture with Hugin Superior

• Project: TotalEnergies, Namibia Venus project
• Performance: Very good
• Production Status: On schedule
• Completion Target: End-of-2024

Ocean Guardian with Hugin 6000

• Project: RWE, Canopy Floating offshore wind project
• Performance: Very good
• Production status: Completed
• Completion Target: Mid-August

ARGEO PROJECT STATUS

Operations projects - percentage of completion

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 Next project 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

(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

(SNEPCO) and for Nigeria

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 awarded to 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

Agenda

Highlights Introduction to Argeo 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 Introduction to Argeo Backlog & tender status Operational update Technology Financials

Outlook

Record order book and continued revenue growth

Q2 23

-1574

-2000

-1000

Q2 24

EBITDA

REVENUES EBIT

Net profit/loss 1 638 -911

All amounts in USD 1,000

Note: Figures are in accordance with IFRS accounting principles

Total assets/ equity and liabilities USD 107m

First half 2024 Cash flow

• Cash from operation

• USD 0.1m net cash from operation
• USD 5.8m net increase in trade receivables/ liabilities during first half

• Financing activities

• USD 7.1m new equity
• USD 14m new loan Argeo Venture (sale/leaseback)
• USD 5.1m lease payments
• USD 1.8m repayment long term debt
• USD 1.0m interest payments

• Investment activities

• USD 15.9m in first half
• Mainly for upgrade and reactivation Argeo Venture

Agenda

Highlights Introduction to Argeo Backlog & tender status Operational update Technology Financials

Outlook

Outlook

• Argeo Searcher start the Woodside Calypso project early July
• Argeo Venture project going well in production on the TotalEnergies Venus field in Namibia
• Expect a significantly stronger Q3 as we have three vessel spreads in operation
• Argeo Canopy project for RWE has shown our strengths and quality of service in Offshore Wind and we expect more of this type of work going forward
• Focus on high vessel utilisation, project performance and overall profitability going forward
• Generally good margin in tenders reflecting activity levels in the deep-water subsea market

Thank you

Side 36