Argeo AS

Regulatory Filings • Oct 26, 2023

Argeo AS: Contract status update Greenfield exploration project

Argeo AS: Contract status update Greenfield exploration project

Asker, 26.10.2023 Argeo is declared winner of the tender for the Greenfield exploration project mentioned in the Company Update presentation with a bid amount of NOK 150 million.

In reference to our stock exchange release 09.10.2023 “Backlog and company update presentation” in the Recent Highlights section of the Company Update presentation, which mentions a Greenfield exploration project, we are pleased to inform that following the bid opening process, Argeo stands as the sole qualified participant and, consequently, the winner of the tender. The winning bid amount is NOK 150 million.

Following completion of formal approval, the letter of award (LOA) can be expected early November this year with a formal contract signing following immediately thereafter. However, there is no guarantee that the process will result in a contract award until the company informs the market of having received the letter of award (LOA). A full statement will then be appropriately released.

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.