Argeo AS

Capital/Financing Update • Feb 17, 2024

Argeo AS - Sale and Leaseback of Argeo Venture

Argeo AS - Sale and Leaseback of Argeo Venture

Asker, 17.2.24: Argeo AS (the "Company" or "Argeo") has engaged Pareto Securities AS to explore the possibility for a sale-and-leaseback transaction involving the Company's vessel Argeo Venture ("Argeo Venture").

Argeo Venture, previously SW Bell, was acquired from Shearwater in the fourth quarter of 2023 as part of the strategic alliance between the companies initially announced on 27 September 2023. Argeo Venture will start mobilizing mid-March for an approx. 9-month project for an oil major, after completion of certain reactivation and upgrade work.

The proceeds from any such transaction are expected to replace the offer for a USD 10 million bank loan + USD 2 million credit facility in financing previously announced on 2 October 2023 and provide improved cash liquidity over the previously announced loan and credit facility.

Further information will be provided as and when available.

This information is subject to a duty of disclosure pursuant to the Company's continuing obligations as a company listed on Euronext Growth Oslo. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by Odd Erik Rudshaug, Chief Financial Officer, at Argeo AS on the date and time provided herein.

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, 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.