Argeo AS

Capital/Financing Update • Oct 2, 2023

Argeo AS: Secured bank loan of USD 12 million to upgrade SW Bell purchased from Shearwater

Argeo AS: Secured bank loan of USD 12 million to upgrade SW Bell purchased from Shearwater

Asker, 02.10.2023 In reference to announcement 27.09.2023 “Argeo and Shearwater forges strategic alliance to transform subsea and ocean bottom seismic markets”. Argeo has received a firm offer for bank loan financing of USD 12 million where use of proceeds is USD 10 million allocated to the purchase and conversion of the vessel and USD 2 million as a credit facility.

This is a major milestone in Argeo’s development, securing funding going forward, and enabling conversion of SW Bell. This is part of the announced strategic alliance with Shearwater, with them also becoming a substantial shareholder in Argeo, and a shared ambition of jointly developing projects and clients within carbon capture, marine minerals, and offshore renewables.

“I am very satisfied having achieved this significant milestone for Argeo. Securing the financing to convert our latest vessel underscores our commitment to growth and expansion as well as the trust and confidence given to us by financial institutions and the market”, says CEO of Argeo, Trond F. Crantz. Argeo is poised for an exciting future, and I look forward to the journey ahead and the growth opportunities it holds for our company”, Crantz continues.

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.