Argeo AS

Regulatory Filings • Oct 5, 2023

Argeo AS: Details on Argeo Searcher upgrade to multipurpose survey and subsea vessel

Argeo AS: Details on Argeo Searcher upgrade to multipurpose survey and subsea vessel

Asker, 05.10.2023 Offshore service company Argeo, is announcing an upgrade to its subsea vessel Argeo Searcher. This enhancement will substantially expand Argeo's capabilities for the O&G subsea market and marine minerals seabed exploration.

The vessel upgrade will be carried out at Fjellstrand, a company with a solid track record and experience in this type of projects. The work will be carried out in October 2023 and is fully financed by the vessel owner. After completion, the Argeo Searcher will be a true Multipurpose Inspection, Maintenance and Repair (IMR), Greenfield survey vessel and Mineral Exploration vessel.

With the expansive market and strong demand for deep-water subsea vessels and equipment our clients have requested additional capability. This upgrade is a response to this, and we confirm both secured backlog and further new projects as a result of this strong move in capacity. Argeo Searcher will commence operations immediately after completing the yard stay.

Superior survey capacity and productivity with new AUV

The upgraded vessel will be equipped with seamless integration for the recently purchased Hugin Superior Autonomous Underwater Vehicles (AUVs), significantly boosting operational capacity and productivity.

“By incorporating the advanced Hugin Superior AUV, featuring exceptional sensor payloads, into the Argeo Searcher, along with our proprietary electromagnetic sensor systems, we will achieve unprecedented deep-water data acquisition and interpretation capabilities, propelling us ahead of the competition," says Argeo CEO, Trond F Crantz.

The Hugin Superior offers unique capabilities and productivity enhancements through its extended coverage and long-range sensors. Argeo's AUV fleet is now one of the world's most advanced, seamlessly integrated with Argeo Robotics' patented electromagnetic Argeo LISTEN™ and Argeo WHISPER™ sensor systems.

Expanded O&G and marine minerals exploration capabilities.

The upgrade includes the following key enhancements:

• Work Class ROV System.

• 20t Active Heave Compensated (AHC) Offshore Crane

• 20t Active Heave Compensated (AHC) 3000m Winch System

• 36t A-Frame

• Hugin Superior Integration with full onboard data processing

• Remote operations and USV Force-Multiplier capability

• Extended free deck space to 200m2

* Additional information about ROV system will be provided shortly

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.