Argeo AS

Share Issue/Capital Change • May 11, 2022

Argeo AS: Cancellation of subsequent repair offering

Argeo AS: Cancellation of subsequent repair offering

Asker, 11 May 2022

Reference is made to the stock exchange announcement by Argeo AS ("Argeo” or the "Company") on 8 April 2022 regarding the successful placement of new shares in the Company with gross proceeds of NOK 75 million (the "Private Placement"), and that the Company intended to carry out a subsequent offering with non-tradeable subscription rights of up to 2,000,000 new shares in the Company (the "Subsequent Offering"), depending inter alia on the development of the price of the shares in the Company after completion of the Private Placement.

The board of directors of the Company has resolved today not to proceed with the Subsequent Offering. Following announcement of completion of the Private Placement, the Company's shares have traded around or below the subscription price in the Private Placement at meaningful volumes. Accordingly, any shareholder wishing to reduce the dilutive effect of the Private Placement have had sufficient opportunity to purchase shares in the Company in the market at prices around, similar to or below what would have been the subscription price in the Subsequent Offering.

Disclosure regulation

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For more information, please contact:

Trond Figenschou Crantz, CEO Argeo AS

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo | www.argeo.no

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.

The Company is listed on Euronext Growth Oslo under the ticker code: "ARGEO".