Argeo AS

Regulatory Filings • Sep 20, 2023

Argeo AS: Argeo with comprehensive AUV fleet expansion

Argeo AS: Argeo with comprehensive AUV fleet expansion

Asker, 20.09.2023 Argeo confirms Letter of Intent for an agreement for the purchase of two Hugin Superior AUVs and one Hugin 6000 AUV. “Following this expansion, Argeo will have the most advanced AUV fleet worldwide”, says Argeo’s CEO, Trond Crantz.

Amplifying operational capacity and enabling superior productivity

The first Hugin Superior is scheduled for delivery early Q4 2023, and the second Hugin Superior in Q1 2024. The full scope delivery will be finalized with the Hugin 6000 in Q1 2025. Argeo’s AUV fleet will thus consist of a total of 7 units by 2025, amplifying the company’s operational capacity, and enabling superior productivity. This puts Argeo in a unique position within both the marine minerals, oil and gas and the renewables segment, increasing efficiency and productivity substantially.

“The introduction of these highly advanced AUVs from Kongsberg, with Argeo’s advanced sensors systems integrated is a strategic move that propels us ahead of the competition. With this purchase, Argeo will be the leading commercial player with the Hugin Superior’s in its fleet and these additions are significantly enhancing our operational capacity and reaffirming our industry leadership”, says Trond Crantz.

Fully financed

The purchase is fully financed through a lease agreement with and international financing partner and has a lease term of 4 years. The total financing deal size is USD 25m and is subject to Argeo Board approval and final signing.

Superior technology

The Hugin Superior brings unique capability and productivity through its increased coverage and long-range sensors. The Kongsberg HISAS 1032 Dual Rx synthetic aperture sonar (SAS) doubles the area coverage from 500m of previous systems up to 1000m range for the Superior, in the same high-resolution imagery and bathymetry data products. This allows one of our new Superiors to acquire a total of 4.5 km2 per hour of operation, that is a total of 108 km2 per 24 hrs. The Superior has a larger energy bank installed providing a total of 80 hours continuous production (dive time) and a total of 360 km2 high resolution data acquisition per dive.

Both the Hugin Superior and the Hugin 6000 will be equipped with Argeo’s state-of-the-art sensor systems including our patented electromagnetic systems, Argeo LISTEN and Argeo WHISPER.

“What truly differentiates the Hugin Superior is the exceptional sensor payload, which has been meticulously designed to capture and interpret the ocean space like never before, combined with our own patented electromagnetic sensor systems”, says Crantz.

At a routine survey speed of 3.5 to 3.8 knots it can detect objects the size of an average mobile telephone over an area of up to 1000 metres (beam-to-beam). The imagery is processed in near real-time on board the AUV and can be analysed by on-board advanced target recognition algorithms to detect and classify objects against a library of known targets.

The Hugin Superior system comprises the following commercial payloads:

Synthetic Aperture Sonar HISAS 1032 Dual-Rx

Multibeam: EM2040 MKII

Sub-Bottom Profiler: EdgeTech

Electro Magnetics: Argeo LISTEN

Electro Magnetics: Argeo WHISPER

CTD sensor

Digital still image color camera

Laser profiler

Magnetometer and turbidity sensor

Acoustic Doppler Current Profiling (ADCPJ

Methane (CH4) sensor

The Hugin 6000 system comprises the following commercial payloads:

Synthetic Aperture Sonar: HISAS 1032

Multibeam: EM2040

Sub-Bottom Profiler: EdgeTech DW-216 (2-16 KHz)

Colour camera: CathX Hunter UHD + LED panels

Laser: CathX Dual Mode Laser profiling

Environmental sensors: WetLabs FLNTU Turbidity

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.