Argeo AS

Earnings Release • Mar 15, 2023

Mid-Atlantic 2023 deep-water campaign firms up to 30 million NOK

Mid-Atlantic 2023 deep-water campaign firms up to 30 million NOK

Asker, 15 March 2023: Argeo has secured a significant confirmed backlog of deep-water work to be conducted in the Mid-Atlantic Ridge area with a total campaign value of 30 mnok plus late sales potential from the multi-client program.

The campaign comprises of a series of recently announced projects:

Ultra Deep-water technology, sensor, and data validation

Ultra-deep-water (~5000m) validation of advanced dual-AUV operations, payload sensors and general acquisition strategies. (Reference made to stock exchange notice published 16.11.2022).

PGI Deep-Sea Minerals data acquisition project

Multi-sensor data acquisition with AUV for the Polish Geological Institute – National Research Institute (PGI-NRI. (Reference made to stock exchange notice published 17.02.2023) providing high resolution environmental and potential marine mineral resource assessment over PGI concessions.

Deep Sea Minerals Multi Client project

Collaboration project with a long-standing multi-client player, to conduct the world’s first

multi-client data collection at the Mid-Atlantic Ridge for the emerging deep-sea minerals market. (Reference made to stock exchange notice published 13.03.2023)

The campaign commenced as planned mid-February and is expected to be completed end of April 2023. Within this period, it is included three weeks of port call and additional installation work.

The campaign has a total contract value of 30 mnok, plus late sales potential from the multi-client program.

The campaign contributes to improve optimization of operations and its environmental footprint while enabling our clients early access to cost-effective data.

- We are pleased to announce a continuity of contracts confirming Argeo’s deep-water capabilities and our position in the emerging Deep-Sea Minerals market, says Argeo CEO, Trond Crantz. - Our combination of technology, expertise and assets makes a perfect match for the needs of combined geological and environmental mapping to understand the prospectivity of a DSM area, Crantz continues.

For more information, please contact:

Trond Figenschou Crantz, CEO Argeo AS

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 (“AUVs”) will significantly increase efficiency and imaging quality in addition to contribute 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.