Argeo AS

Earnings Release • Aug 31, 2023

Argeo’s second quarter revenue increased by 173%

Argeo’s second quarter revenue increased by 173%

Asker, 31.08.2023 – We have put another strong quarter behind us with a 173% revenue increase from NOK 9.3 million in Q2 2022 to NOK 25.4 million in Q2 2023, and a continuously growing orderbook says Argeo CEO Trond F. Crantz.

The revenue growth in Q2 2023 was driven by the deep-sea mineral surveys for the Polish Geological Institute – National Research Institute (PGI-NRI) and the Norwegian Petroleum Directorate (NPD), in addition to revenues created by the Hugin 6000 AUV which started commercial work on a long-term contract in September 2022.

- We are pleased with the strong revenue growth in Q2 2023, which continues to reflect the successful execution of our adjusted strategy, says Argeo CEO, Trond F. Crantz.

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.