Argeo AS

Regulatory Filings • Oct 20, 2022

Argeo AS – New Argeo USV “Argus” enters commercial operations: - Opens up an entirely new market

Argeo AS – New Argeo USV “Argus” enters commercial operations: - Opens up an entirely new market

Asker, 20.10.2022: With reference to the press release published on June the 16th regarding the commercial launch of the Argeo “Argus” USV (Uncrewed Surface Vehicle), the first project secured will be carried out late October for the renewables industry in Norway, after completing tuning, crew training and final set-up.

The project is significant for this new concept, the first of its kind for a Norwegian robotics company and the offshore renewable sector.

“This opens up an entirely new market for this cutting-edge technology. Whereas other players are discussing, Argeo has followed through with completion of this challenging technology development in less than a year”, says Trond Crantz, CEO in Argeo.

Early movers

The project has good follow-on work opportunities and Argeo is experiencing strong interest to deliver services based on this technology platform, globally.

“Argeo is the first company to commercialize this particular solution, and we are pleased the market is responding well asking for discussions to engage our new USV”, says Crantz.

The Argeo USV will perform high resolution mapping of the seafloor and shallow geology, necessary for optimal planning of offshore installations for the renewable industry. The awarded work is a full-service contract including acquisition, processing, interpretation, and reporting, providing the client with decision-ready information.

Save substantial unforeseen costs

“Performing a high-quality data acquisition early can reduce risk and potentially save the developers for substantial unforeseen costs during installation and production”, says CEO Trond Crantz.

“This project will also show-case Argeo’s ability to remotely operate and monitor the entire project from our mission control center in Asker”, Crantz continues.

The project results will be made available to Argeo’s clients and partners through their Digital Ocean Space platform.

The Argeo Argus is a multi-purpose uncrewed vehicle for offshore and coastal applications, offering a stable, low emission hybrid platform equipped with state-of-the-art navigation, supervision, and hydrographic and geophysical technology.

Key benefits of the Argeo Argus includes:

• Full position control enabling worldwide safe and remote supervised operations 24/7

• High-resolution data quality for detailed seabed mapping and shallow water geology from integrated geophysical & hydrographical sensors

• Fast and effective with up to 30 operating days and hybrid propulsion system, enabling cost effective shore-to-shore operations

• Tailor made to comply with governmental rules and regulations

• Operational and sensor configuration flexibility with configurable back-deck with two moonpools.

“Technologically advanced, unmanned solutions which are environmentally friendly will be the preferred solutions for all development projects in the renewable sector going forward”, says Crantz.

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 a 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.