Argeo AS

Earnings Release • May 19, 2022

ARGEO: - 1Q 2022 - On track building the fleet and services in a market with a strong outlook

ARGEO: - 1Q 2022 - On track building the fleet and services in a market with a strong outlook

Asker – May 19, 2022: The first quarter proved that Argeo is steadily building the company’s fleet and services to meet an increased market demand:

• Ordered a new Hugin 6000 from Kongsberg

• Signed a 12-month project for the new Hugin 6000 AUV

• Awarded a NOK 8.5 million contract from Statens Vegvesen for the Sea Raptor “Alpha”

• Completed Sea Acceptance Testing (SAT) in the North-Sea

• First Sea Raptor delivered in February 2022

• Remaining work for the Hugin project in Brazil given new start-up in late May

- We are on track building our fleet and services. The overall market outlook is strengthening, and we see good interest and opportunity in the energy markets globally, says CEO Trond Crantz at Argeo.

Increased market demand

During the quarter a contract was awarded and completed subsequent to the quarter for Statens Vegvesen at the Bjørnafjorden crossing. The Company also won a contract with a duration of minimum 6 months with another optional six months and in parallel ordered a Hugin 6000 AUV with delivery in early second half of 2022.

- We are well positioned to profit from the increased market demand we are experiencing. The frequency and size of tender activity in the Americas, Europe and Africa are rising sharply proving Argeo’s commercial expansion and our plan for developing the North & South America geomarket as the right move at the right time, says Crantz.

- Local presence will prove crucial

Argeo’s plan is to establish regional offices to facilitate operations in key geographical areas. This implementation is giving the company strategic advantages along with in-depth local industry know-how with Argeo’s key customers.

- Our physical presence via local, solid partners in important markets like Brazil, the US, Western Africa, India, and South-East Asia, will prove crucial for our expansion going forward, says Crantz.

In April the Company raised NOK 75 million in a private placement. The net proceeds from the Private Placement will fund investments in new AUVs and ramp-up of organisation as well as for general corporate purposes.

A Q1 presentation will be broadcasted live at: www.argeo.no/webcast on the 19. of May at 10.00 CET.

Viewers may submit written questions during and after the presentation.

For more information, please contact:

Trond Figenschou Crantz, CEO

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 Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals. Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.

www.argeo.no