Argeo AS

Earnings Release • May 23, 2024

Argeo delivers strong financial results in the first quarter

Argeo delivers strong financial results in the first quarter

Asker, 23 May 2024: Argeo achieved record growth in revenue, with an increase of 288% YoY to USD 9.5 million and an EBITDA of 2.9 million, an increase of +415% YoY. Net profit was USD 2.0 million, an increase of 238% YoY. The remaining backlog for 2024 now totals USD 54 million, whereas USD 10 million in Q1 revenue was produced in revenues from a backlog of 64 million at the start of the quarter. Backlog coverage for Argeo Venture is 100% and for Argeo Searcher the current coverage is 67% for 2024. Available days for Searcher is 120 (end Q3 and full Q4 2024).

“Our goal is to retain the competitive advantage of being a technology leader within subsea services. Looking ahead, we are optimistic about the future, with a strong contract backlog and good potential for continued growth for the rest of 2024 and following years”, says Trond Crantz, CEO of Argeo.

Argeo is actively participating in tendering processes, as well as engaging in business development discussions with local companies globally across its three markets; Oil&Gas, Marine Minerals and Offshore Wind.

“The recent contracts awards and backlog affirm Argeo’s technology position, and we expect continued growth in our three markets”, says Crantz.

Q1 – Financial Highlights

• USD 9.5 million in revenue, + 288% YoY

• USD 2.9 million in EBITDA, + 415% YoY

• USD 2.0 million in Net Profit, + 238% YoY

• USD 54 million remaining backlog for the year

Q1 - Main events

• Argeo Searcher completed Shell Bonga asset inspection program

• Argeo signed NCPOR USD 14 million contract

• Argeo Searcher started NCPOR marine minerals (MM) program

• Argeo awarded TotalEnergies Namibia USD 39 million contract

• Argeo Venture completed reactivation and upgrade program

• Argeo secured another Hugin Superior AUV for Argeo Venture

Subsequent events

• Woodside Calypso contract for Argeo Searcher

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo

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. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (AUV’s) will significantly increase efficiency and imaging quality in addition to contributing to significant reduction in CO2 emissions from operations for the global industry in which the Company operates.

The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic, and geological methods from shallow waters to the deepest oceans for the market segments Oil & Gas, Renewables, Marine Minerals and Offshore Installations. Argeo was established in 2017 and has offices in Asker (Oslo), Tromsø, Stockholm, Edinburgh, Houston, Rio de Janeiro, and Singapore. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.

The company is listed on The Euronext Growth in Oslo under the ticker: ARGEO.

Please visit www.argeo.no for more information.