Argeo AS

Investor Presentation • Jul 3, 2024

Operational update H1 2024

3 July, 2024

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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"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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Operational status

Operational update – July 2024

Half-year operational update

Argeo Searcher with Hugin Superior

Completed intermediate planned vessel inspection in. Vessel docked out 26 June and started transit to Trinidad & Tobago 27 June. Planned crew change in Cape Town will be carried out on 2 July with ETA in T&T medio-July . Searcher will complete the Calypso project end-August.

Argeo Venture WITH HUGIN SUPERIOR Argeo Venture with Hugin Superior

Currently working for TotalEnergies with very good performance. Production currently ahead schedule but we maintain our earlier estimated completion end-of-2024.

Ocean Guardian with Hugin 6000

Completed mobilization for RWE 29 June for the Canopy Floating offshore wind project and commencing production for phase one of the site investigations which is 40 days firm. 30 optional days with good likelihood of being taken.

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 turnkey service ARGEO SCOPE solution Technology supported growth focus

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

DIGITAL PLATFORM

Decision ready data to clients during mission and project lifecycle

Rapid data transfer from ship to shore via Argeo SCOPE

ROBUST STRATEGY with growth in three major markets

Operational efficiency – current fleet

Ongoing projects

Operational update – July 2024

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

• Field operated by SNEPCO on behalf of the Nigerian National Petroleum Corporation (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%). 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

Scope of Work (SOW) Geophysical survey

Project performance Appx 60 days including mobilization

• It can produce 200,000 barrels of oil per day and 150 million standard cubic feet of gas Geophysical line km 2300 km

Argeo technology used

RWE Canopy floating wind A hallmark renewables project awarded to Argeo

• First deep-water project for the Shell Nigeria Exploration and Production Company Geophysical and geotechnical deepwater site investigation offshore California for RWE Canopy 1.6 GW offshore wind farm

(SNEPCO) and for Nigeria

RWE

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

equipment 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

PROJECT IN NUMBERS

Project water depth From 100 to 1100 meters

• Field operated by SNEPCO on behalf of the Nigerian National Petroleum Corporation 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

Technology update

Operational update – July 2024

ADVANCED ROBOTICS

ARGEO ELECTROMAGNETIC SENSOR SYSTEM GRANTED 6 INDUSTRIAL PATENTS

ARGEO LISTEN AUV + WROW

• 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 + WROW

• 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

Thank you

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