Argeo AS

Regulatory Filings • Mar 24, 2022

Argeo AS – Argeo signs 12-month project for newly purchased Hugin 6000 with a net value contribution of 4,5 MUSD

Argeo AS – Argeo signs 12-month project for newly purchased Hugin 6000 with a net value contribution of 4,5 MUSD

Asker, 24.03.2022: In reference to earlier Stock Exchange announcement as of 24th March 2022 “Argeo purchases a new Hugin 6000 system from Kongsberg”.

Argeo confirms that a 12-month contract has been signed for AUV work using the Company´s newly purchased Hugin 6000 AUV (Autonomous Underwater Vehicle) with immediate contract start after AUV delivery to Argeo.

The project will commence H2 2022 with a minimum guaranteed duration of 6-months and a 6-month extension, with estimated completion in H2 2023. The total net value contribution the full 12 months is 4.5 MUSD.

- We are pleased to announce this contract as it confirms the attractivity of Argeo’s services and the financial strength in our business case. This further indicates a strong demand for our AUV’s in the market and this contract secures significant work for the Hugin 6000 bringing it straight into commercial operation, says Argeo CEO, Trond Crantz.

Argeo is currently experiencing a strong demand for all the company’s assets; the four high specification AUV’s, the Argus USV and the Eelume system.

- We are in close dialog with many potential customers in several geomarkets for continued backlog building after the contract completes in 2023. The Hugin 6000 will include Argeo Robotics new electromagnetic sensors “LISTEN” and “WHISPER” in addition to supporting software from H2 2023, Crantz continues.

The Hugin 6000 AUV is modular and very mobile with supporting systems which can be strategically placed in Argeo’s main geomarkets for rapid deployment serving global customers with state-of-the-art technology and data.

The Hugin 6000 AUV enables deep-sea ocean space mapping 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 (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.

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