Argeo AS

Regulatory Filings • May 5, 2022

ARGEO: AUV work for Statens Vegvesen completed successfully and on time

ARGEO: AUV work for Statens Vegvesen completed successfully and on time

Asker – May 5, 2022: Argeo confirmed late March an agreement comprising of AUV (Autonomous Underwater Vehicles) work for Statens Vegvesen (Norwegian Public Roads Administration) on the Bjørnafjorden E36 crossing. The project, valued at 8.5 MNOK, has now been completed.

The Bjørnafjorden crossing is the world’s longest floating bridge project and Argeo contributed utilizing one of its deep-water SeaRaptor 6000 AUV’s for data acquisition in combination with the Company’s proven data processing and modelling software to deliver actionable results for this exceptional project.

- We are pleased to announce that the SeaRaptor’s first commercial acquisition project has been completed and that it was a success, says Trond Crantz, CEO in Argeo. – The team completed the project for Statens Vegvesen, on time with the data scoped for the project, Crantz continues.

The Bjørnafjorden crossing is in a challenging area and geology requiring deep-water AUV’s for seabed mapping and this project further exemplifies the need for AUV’s in our Engineering and Construction market segments, where Argeo is contributing to improved infrastructure connectivity for the E39 Hordfast.

Statens Vegvesen has confirmed to Argeo that data acquisition on anchor locations has been completed, and that the data they received was of a very high quality, and that the operations was executed in an efficient and safe manner without any HSE incident.

Going forward, Argeo will start its planned multi-Client program for the Utsira Nord Offshore Wind, recently approved by the Norwegian authorities. During the operation Argeo will be using its state-of-the-art autonomous underwater vehicle (AUV) equipped with all necessary sensors to acquire high-quality data over the licenses planned for offshore wind construction. The program is receiving great interest from the industry.

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 (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.

www.argeo.no