Argeo AS

Regulatory Filings • Apr 20, 2023

Argeo awarded NOK 37 million deep-sea survey contract with Norwegian Petroleum Directorate

Argeo awarded NOK 37 million deep-sea survey contract with Norwegian Petroleum Directorate

Asker, 20.04.2023: Offshore service company Argeo has been awarded a deep-sea survey contract comprising of multi-sensor data acquisition with AUV for the Norwegian Petroleum Directorate (NPD) to further evaluate mineral resource potential in the northern part of the Mid-Atlantic Ridge (Knipovich Ridge).

The acquisition project, with a contract value of NOK 37 million, has a duration of 8 weeks in total, including mobilization and demobilization, and is scheduled to be performed during the summer season of 2023.

During the project Argeo is to conduct high-resolution near-seafloor geophysical- and environmental data acquisition for deep-sea minerals exploration in the 500-kilometre long Knipovich Ridge. To meet NPD’s needs, Argeo will mobilize its two high-specification ultra-deep water SeaRaptor AUVs, and their subsea vessel Argeo Searcher.

Argeo’s fleet of AUV’s are equipped with state-of-the-art sensors, including integrated Electro-Magnetic sensor technology, Argeo Listen and Argeo Whisper delivering valuable high-quality data, from environmental impact assessment and early exploration to resource assessment and extraction monitoring.

– Advanced sensor technology delivering actionable data is key for enabling the development of the emerging marine minerals industry. Argeo offer the technology, software, and industry expertise to meet this market, says Argeo CEO Trond Crantz.

Argeo’s marine minerals solution has been developed to deliver high-quality pelagic, benthic, and subsurface data that are key in addressing the challenges of remoteness and scale, complex geological settings, as well as environmental sensitivity associated with deep-sea mineral deposits.

Argeo currently has four high specification AUV’s. The AUV is modular and very mobile with supporting systems which can be strategically placed in Argeo’s main Geomarkets for rapid deployment serving our global customers with state-of-the-art technology and data. All data collected is processed onboard the AUV using onboard-postprocessing and mosaicking software to allow quick turnaround during missions and improved decision making for the customer.

The AUV enable deep-sea surveys to the benefit of marine industries including Installations & Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals.

Read more about Argeo Searcher here: https://argeo.no/argeo-searcher/

Read more about SeaRaptor AUV here: https://argeo.no/searaptor-6000/

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.