Argeo AS

Regulatory Filings • Nov 13, 2023

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

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

Asker, 13.11.2023 In reference to announcement 26 October 2023 “Contract status update Greenfield exploration project” we are pleased to announce that Argeo has received confirmation of a NOK 154 million contract award from NCPOR to conduct near-seabed AUV survey and exploration works.

Argeo will conduct survey and exploration works to delineate locations of seafloor massive sulphide deposits over India’s International Seabed Authority (ISA) exploration licenses in the Indian Ocean. The contract value is NOK 154 million and commencement is planned for January 2024 with a total duration of 4-months including transit.

The exploration area is situated along the southern segment of the Central Indian Ridge (CIR) and the eastern segment of the Southwest Indian Ridge (SWIR), about 570 nautical miles southeast of Mauritius where the government of India holds a contract area consisting of 100 contract blocks worth 10,000 square kilometres. A total of 15 Areas of Interest are spread across five different Clusters of the ISA contract blocks.

About the project

The primary objective of the activities is to explore Seafloor Massive Sulphide (SMS) resources in the exploration area in the Indian Ocean. To achieve the key objectives – identifying and describing potential mineralization zones and sulphide ore bodies – Argeo brings its Superior Autonomous Underwater Vehicle (AUV) and sensors.

All the Hugin Superior sensors combined with other geophysical methods such as Argeo LISTEN allow examination of the ocean floor including its subsurface structure and habitability. The Argeo system has been proven over several projects in 2023 to deliver very accurate electromagnetic data for Marine Mineral exploration projects.

About the client

The National Centre for Polar and Ocean Research (NCPOR) is India's main research and development institution for Polar and Southern Ocean studies. It operates independently under the Ministry of Earth Sciences, Government of India. NCPOR is specifically tasked with overseeing the national program for surveying and exploring Hydrothermal Sulphides in the mid-oceanic ridges of the Indian Ocean region.

"This is an important project for Argeo and affirms our position as the premier Marine Minerals exploration service provider. It is a direct result of all the efforts within the company to firstly develop unique and patented sensor technology, and secondly, to relentlessly delivering high-quality results for PGI and NPD in 2023. The recognition of Argeo by leading clients like NCPOR for their crucial projects is a testament to our technological and operational excellence” says Trond Crantz, CEO Argeo.

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 The Euronext Growth in Oslo under the ticker: ARGEO.

Please visit www.argeo.no for more information.