Argeo AS

Regulatory Filings • Oct 2, 2023

Argeo AS: Argeo has in principle agreed with a Supermajor O&G company on a 3-month subsea Inspection program

Argeo AS: Argeo has in principle agreed with a Supermajor O&G company on a 3-month subsea Inspection program

Asker, 02.10.2023 Argeo is pleased to announce that it has reached an agreement with an O&G supermajor for a deep-water oil and gas inspection program starting in November 2023 with a duration of minimum 90 days with potential for further work extension. The contract value, work program details, area, and client details to be announced shortly.

The agreement, comprising of deep-water Autonomous underwater vehicles (AUV) inspection services and ROV inspection separated in two detailed work packages with the possibility for further expansion to cover the remainder of Q1 -2024. The agreement represents a major milestone for the company and underscores our new strategy, our technology and operational excellence. To meet the clients’ needs, Argeo will mobilize its Hugin Superior AUV, a work-class ROV systems (details to follow) and their upgraded subsea vessel Argeo Searcher.

Due to the sensitivity and significance for Argeo, and complexity of the project and the involvement of multiple parties (people, suppliers, and partners), the company has opted to issue an early prerelease to align the market information.

Argeo's CEO Trond F. Crantz express enthusiasm regarding the contract, saying, "We are very satisfied to have been selected by this esteemed oil and gas super major for this important project. This contract not only underscores our ability to deliver high-quality deep-water services but also demonstrates our strong foothold in the industry."

Argeo’s fleet of AUV’s are equipped with state-of-the-art sensors, including integrated Electro-Magnetic sensor technology, Argeo Listen which is a central part of the projects scope of work.

While specific project details remain confidential at this stage, the contract encompasses a spectrum of deep-water services and solutions for the client. Argeo's proficient team and cutting-edge sensor technology will play a central role in securing the success of the project.

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.