Argeo AS

Business and Financial Review • Mar 30, 2022

Argeo AS – Breakthrough for Multi-Client – First Offshore Wind project to commence at Utsira Nord

Argeo AS – Breakthrough for Multi-Client – First Offshore Wind project to commence at Utsira Nord

Asker, 30.03.2022: Argeo’s Utsira Nord Multi-Client program has been approved by Norwegian authorities and data acquisition is confirmed to commence in March 2022

Argeo’s planned Multi-Client program for the Utsira Nord Offshore Wind farm has been approved by the Norwegian authorities. Argeo will commence operations 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.

“This is a breakthrough for our new Multi-Client business. It confirms the attractivity of Argeo’s progressive Multi-Client/DaaS business model which will accelerate Norway’s Offshore Wind activity. This program will mark the initiation of Argeo’s long-term strategy of building a global high-revenue generating data library, and the estimated value of this dataset alone is 25 MNOK. These data will provide our clients with much sought after insights, and in addition be a significant risk reducing pre-planning tool”, says Argeo CEO, Trond Crantz.

“We see significant interest for our Multi-Client business, not just in the North Sea, but in many of the Geomarkets we are present in. We provide high quality data, which is a necessity determining optimal locations for offshore wind turbines”, Crantz continues.

Currently Argeo operates three high specification AUV’s in addition to the Argus USV and the Eelume system. The AUV is modular and very mobile with supporting systems and 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-post processing and mosaicking software to allow quick turnaround during missions and improved decision making for the customer.

The AUV enables deep-water surveys to the benefit of marine industries including Installations & Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals.

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 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 The Euronext Growth in Oslo under the ticker: ARGEO. Please visit www.argeo.no for more information.