Argeo AS

Report Publication Announcement • May 22, 2024

Argeo AS – Annual Report 2023

Argeo AS – Annual Report 2023

Asker, 22 May 2024

Please find attached Argeo’s Annual Report for 2023.

Argeo has now implemented International Financial Reporting Standards (“IFRS”) as adopted by the European Union (EU) in its 2023 annual consolidated financial statement, which has resulted in changes in revenue and cost. This includes timing differences for the contract with Shell in Nigeria. USD 2 million in revenue and USD 1.1 million in cost have been moved from Q4 2023 to Q1 2024. In addition, two AUV’s which are currently in lay-up and not in operational use have been written down with USD 2.7 million.

As a result of the changes, net result for 2023 has been adjusted from minus USD 10.3 million to minus USD 16.9 million. The changes have no cash effect.

Argeo has also changed its reporting currency from NOK to USD.

For further information: Trond Figenschou Crantz, CEO, trond.crantz@argeo.no , +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, Houston, 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 Euronext Growth Oslo under the ticker: ARGEO. Please visit www.argeo.no for more information.

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

Please visit www.argeo.no for more information.