Argeo AS

Investor Presentation • May 23, 2024

ARGEO Q1 PRESENTATION

23 May, 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

Backlog & tender status

Operational update

Technology

Financials

Outlook

Side 3

Agenda

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

Financial Highlights Q1 2024

USD 9 467

Revenue Q1 2024

+288% YoY

A good first quarter with revenues up from 2 438 in Q1 2023 with only one spread operational in the quarter

USD 2 909
EBITDA Q1 2024
415% YoY

EBITDA up from -921 in Q1 2023 EIBIT up from -1 722 in Q1 2023

USD 1 108 EBIT Q1 2024 164% YoY

USD 1 987

Net Profit Q1 2024

238% YoY

USD 54 000

BACKLOG Q1 2024

1588% YoY

Up from -1 445 in Q1 2023 We have produced USD 10 million (9 467 revenue) out of the total backlog of USD 64 million. Remaining backlog (not completed) at the end of Q1 now totals USD 54 million

Main events Q1 2024

• 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

Introduction to Argeo

Backlog & tender status

Operational update

Technology

Financials

Outlook

Agenda

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

MULTI CLIENT / DAAS

SURVEY INSPECTION MAINTENANCE & REPAIR

SUPERIOR CAPACITY WITH THE MOST ADVANCED AUV FLEET AVAILABLE

Expansion for continuous growth

Scale is key to profitability

• Currently one full spread operational, one more from Q1-24
• Capex requirement of NOK 250-300 million per full spread
• Target of 80% utilization implies annual EBITDA per full spread of close to NOK 100 million per year*
• EV/EBITDA less than 3x at 80% utilization
• Implies unit-level net profit contribution of more than NOK 30 million (before SG&A and fixed costs)*

* Key assumptions:

• NOK 270 million capex
• Financed 50% by debt
• Depreciated over 7 years
• 22% tax
• Current S, G&A cost budget of NOK ~32 million is expected to increase with 20% for additional unit

Utilization per full spread

Illustrative unit economics

Agenda

Highlights

Introduction to Argeo

Backlog & tender status

Operational update Technology

Financials

Outlook

100% conversion rate from submitted tenders to contracts

During the quarter we have converted an additional USD 10 million in tenders to secured backlog.

Competing for more Marine Minerals contracts

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

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

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

MARKET AND PRODUCT MIX

Market and product revenue distribution

O&G Survey Data

O&G Asset integrity Inspection

DISTRIBUTION PER GEOMARKET

8 268

Total revenue from contracts with customers only

VESSEL SCHEDULE

Backlog at the start of Q1 2024 was USD 64 million

Produced during the quarter was USD 10, remaining for the year USD 54

	2024 -2025
Asset	Q1	Q2	Q3	Q4	Q1
	FEB JAN MAR	MAY APR JUN	AUG JUL SEP	NOV OCT DEC	FEB JAN MAR
Argeo Searcher		SHELL and NCPOR project YS	Woodside	South Americas
Argeo Venture	Reactivation & Upgrade		TotalEnergies Namibia		West Africa
Charter w/Hugin 6000	Continues rental contract	Service/Upgrade Mob	Mob Offshore Wind	EAM/NSA projects

Argeo Searcher: with Hugin Superior #1 Argeo Venture: with Hugin Superior #2 Hugin 6000 containerized: with vessel of opportunity (Charter vessel)

Vessel utilization and %-of backlog covered

Hugin 6000 containerized: Days on paid project days, standalone of on Charter vessel will count in utilization numbers

tender process Argeo Searcher: Not available until the last 30 days in Q1 2023. Therefore, only 30 days counts for utilization Q1-23 Argeo Venture: Not available until 8'th April 2024 (newbuild). Therefore, only 82 days counts for utilization in Q2-23

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 2023: 92% Utilization Q1 2024: 100%

Argeo Venture:

Backlog coverage of 100% for the remainder of 2024 The vessel was not active in Q1 2024 and did not contribute to fleet utilization

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

Agenda

Highlights Introduction to Argeo

Operational update

Commercial & business development Technology Financials Outlook

OPERATIONAL UPDATE

Argeo Searcher

• Completed a significant upgrade
• 3-week delay
• Shell (GOSL) AUV asset survey in Bonga • Fully set up for any subsea work
• Commenced work in Nigeria late December
• Argeo Searcher with Hugin Superior AUV • Work completed January 20th
• Status acquisition – on time etc? • Status data – customer happy etc.. • Currently working on the NCPOR project estimated completion late May 2024.

Argeo Venture

• Upgrades to be completed by mid-March
• Mobilisation for announced project after commissioning and sea trials
• Vessel fully reactivated
• Upgraded computer system for full onboard data processing
• Equip. with Hugin Superior
• Equip. with active heave compensated subsea crane

Hugin Superior

• Reliable high-capacity production unit
• Producing quality data for all scopes of work that Argeo engages in
• High customer quality satisfaction
• Upgraded with Argeo LISTEN
  • O&G projects
  • Marine Mineral projects
  • Offshore Wind projects

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

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 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

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

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

Accounting changes

• Implemented International Financial Reporting Standards ("IFRS") as adopted by the European Union (EU), resulting in the following main changes:
  • IFRS 16 Right-to-use assets: Bareboat charter Argeo Searcher and office leases
  • Timing differences revenue & cost
  • Share options
  • Seller credits
  • Currency exchange
• Historical numbers restated to IFRS
• Changed reporting currency from NOK to USD

Record order book and continued revenue growth

EBITDA

Net profit

BACKLOG 54 million

All amounts in USD

Backlog remaining after the quarter ended

Note: Figures are in accordance with IFRS accounting principles

Total assets/ equity and liabilities USD 94m

First quarter 2024 Cash flow

Agenda

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

Outlook

Outlook

• Argeo Searcher will complete the NCPOR project beginning of June and after a short required planned inspection (class certificate inspection) start the Woodside Calypso project early July
• Argeo Venture arrived in Namibia in the beginning of May and is now in production on the TotalEnergies Venus field.
• Strong O&G tender activity in deep-water markets EAME & NSA
• Starting to see an uptick in Offshore Wind tenders for 2024
• 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 34