Argeo AS

Regulatory Filings • Mar 29, 2022

Argeo AS – Agreement with Statens Vegvesen for AUV work with a contract value of NOK 8,5 million

Argeo AS – Agreement with Statens Vegvesen for AUV work with a contract value of NOK 8,5 million

Asker, 29.03.2022: Argeo confirms that an agreement comprising of AUV (Autonomous Underwater Vehicles) work for Statens Vegvesen (Norwegian Public Roads Administration) on the Bjørnafjorden E36 crossing has been agreed. The contract value is 8.5 MNOK and commences in March 2022 for 2-3 weeks.

The Bjørnafjorden crossing is the world’s longest floating bridge project. Argeo will contribute to its success through the Company’s highly advanced AUV’s and proven experience in Ocean Space construction and engineering by imaging and modelling the sub-surface anchoring areas selected for the floating bridge. The project is scheduled to commence in March 2022 for a duration of 2-3 weeks. Argeo will be utilizing one of its 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 very pleased that Statens Vegvesen selected Argeo for this important phase of the project as it confirms Argeo’s excellence and skills for a customer that understand the company and our service quality, says Argeo CEO, Trond Crantz.

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. The Bjørnafjorden crossing is in a challenging area and geology requiring deep-water AUV’s for seabed mapping.

- Argeo has delivered advanced Ocean Space Engineering and Construction services since the inception of the company in 2018 and it’s great to see this market segment’s continued trust in the company and our services, says Crantz.

Argeo currently own four high specification AUV’s. The AUV is modular and very mobile with supporting systems which can be strategically placed in Argeo’s main Geomarkets for rapid deployment serving their global customers with state-of-the-art technology and data. All data collected is processed onboard the AUV using onboard-postprocessing and mosaicking software to allow quick turnaround during missions and improved decision making for the customer.

The AUV enable deep-sea 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

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 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

About Statens vegvesen

Statens vegvesen (Norwegian Public Roads Administration) is an administrative agency consisting of the Directorate of Public Roads and five regional offices. Responsible for the planning, construction, operation and maintenance of the national and county road networks.

The Norwegian Public Roads Administration is responsible for the planning, construction and operation of the national and county road networks, vehicle inspection and requirements, driver training and licensing and are also authorized to grant subsidies for ferry operations.

The Public Roads Administration is under the leadership of the Directorate of Public Roads, which is an autonomous agency subordinated the Ministry of Transport and Communication.

www.vegvesen.no