Argeo AS

Earnings Release • Nov 16, 2022

Argeo AS – Announces first contract for Argeo Searcher and both SeaRaptors for ultra-deep water AUV survey work

Argeo AS – Announces first contract for Argeo Searcher and both SeaRaptors for ultra-deep water AUV survey work

Asker, 16.11.2022: Argeo confirms that a contract comprising of Argeo Searcher and both SeaRaptor AUV’s (Autonomous Underwater Vehicles) for Ultra Deep-Water work in the North Atlantic is agreed.

The project for Argeo Searcher and both of our SeaRaptors is scheduled to commence work directly after completing the vessel conversion project in January 2023 with a duration for 3-4 weeks and an estimated completion in February. The project has good possibility for extension further into Q1-2023 (will be announced separately).

- This project requires the highest-quality and detail and the requirement of Ultra Deep-Water vehicles to get the job done and will take the SeaRaptor near to the very limits of its build specification and make use of all the high-quality sensors integrated into the vehicle, says CEO Trond Crantz of Argeo

- The project will provide high resolution environmental and potential marine mineral resource assessment in addition to an advanced dual-AUV operation. Argeo will retain show and marketing rights for the data and present the results using our revolutionary digital visualization platform, Argeo SCOPE.

- We are very excited that our first Subsea vessel, Argeo Searcher, fully equipped with both our high-tech SeaRaptors is going straight into commercial operations having completed a rigorous conversion & shakedown program beforehand, says Crantz.

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 (“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.

www.argeo.no