Argeo AS

M&A Activity • Feb 8, 2024

Argeo AS: NOK 154 million contract with India’s National Centre for Polar and Ocean Research (NCPOR) formally signed

Argeo AS: NOK 154 million contract with India’s National Centre for Polar and Ocean Research (NCPOR) formally signed

Asker, 08.02.2024 In reference to announcement 13 November 2023 “Argeo awarded NOK 154 million contract with India’s National Centre for Polar and Ocean Research (NCPOR)” we are pleased to announce that the contract has been formally signed at NCPOR’s premises in Delhi, India.

The contract comprises of near-seabed exploration survey and data analysis to identify and delineate seafloor massive sulphide deposits over India’s exploration contract area in the Indian Ocean. The contract value is NOK 154 million. Argeo Searcher will arrive in Mauritius medio February to commence data acquisition after a 2-day pitstop for crew change and onboarding of clients. The project is estimated to be completed late May.

“We are excited and looking forward to having very fruitful outcomes from this project and we are also hoping for more collaborative ventures with Argeo in the future.” Dr. John Kurian P.; Group Director (Deep Sea Exploration), NCPOR Goa, India.

"This project holds significant importance for Argeo, solidifying our standing as the foremost service provider in Marine Minerals exploration. It is a direct outcome of the company's dedication to initially creating distinctive and patented sensor technology, followed by a steadfast commitment to delivering quality results for PGI and NPD in 2023. The acknowledgment of Argeo by esteemed clients such as NCPOR for their pivotal projects serves as evidence of our excellence in both technology and operations” says Trond Crantz, CEO Argeo.

About the project

The primary objective of the activities is to explore Seafloor Massive Sulphide (SMS) deposits associated with both active and inactive hydrothermal vent fields in the exploration area in the Indian Ocean and conduct environmental mapping of the area. The Argeo Searcher is equipped with Argeo’s Hugin Superior AUV and its advanced sensor suite including Argeo-developed EM system Argeo Listen. The Argeo Listen system has been proven over several projects in 2023 to deliver crucial geophysical data for Marine Mineral exploration projects.

About NCPOR

The National Centre for Polar and Ocean Research (NCPOR) is India's main research and development institution for Polar and Southern Ocean studies operating independently under the Ministry of Earth Sciences, Government of India. NCPOR is specifically tasked with overseeing the national program for surveying and exploring Deep-Sea Minerals in the Indian Exploration Contract areas granted by the International Seabed Authority (ISA).

Read more:

https://argeo.no/2024/02/08/argeo-has-formally-signed-contract-with-ncpor-in-india/

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.