Argeo AS

Investor Presentation • Mar 3, 2022

Digitizing the ocean space

Argeo company presentation

3 MARCH 2022 TROND FIGENSCHOU CRANTZ, CEO

Agenda

Introduction to Argeo

Market outlook

Argeo energy services

Argeo in the renewable sector

Technology

HIGH CAPABILITY ROBOTICS SOLUTIONS

UNIQUE IMAGING AND MODELLING TECHNOLOGY

"FASTER, BETTER, GREENER AND AT A LOWER COST"

ARGEO'S MISSION

Transforming the ocean surveying and inspection industry

Utilising autonomous underwater and surface vehicles and unique sensor and imaging technology

to significantly increase efficiency and quality

And to substantially reduce the industry CO2 footprint

Transforming the ocean surveying and inspection industry

WITH A MAGNITUDE OF DIFFERENCE

Traditional players delivering high-cost and time-consuming services, applying large vessels and expensive equipment The most efficient data acquisition robots in the world Acquisition speed > 3.5x ROV Dedicated survey vessel Dedicated ROV vessel AUV/Robotics CO2-emission: High Data Quality: Low Day rate: High Day rate: High Day rate: Low CO2-emission: High Data Quality: Medium CO2-emission: Low Data Quality: High Productivity: Medium Productivity: Low Productivity: High

Significantly lower cost and footprint using Argeo AUVs & USV

Robotics and digital solutions for the ocean space

ENGINEERING & CONSTRUCTION

• Data acquisition, imaging and underground modelling for large infrastructure projects.
• High accuracy imaging reducing project risk and construction costs

OFFSHORE WIND

• Wind farm design of foundations, substations etc.
• Investigation of routes for power cable
• Inspection of existing infrastructure

O&G SURVEY INSPECTION

• Offshore field design, location of platform and subsea infrastructure
• Investigation of routes for pipelines
• Detection of damage and erosion on existing installations

DEEP SEA MINERALS

• Exploration for Deep - Sea Minerals (DSM)
• Wide use of sensors and in house technology for mineral deposits characterization, a system under development by Argeo Robotics

Agenda

Introduction to Argeo

Market outlook

Argeo Energy services

Argeo in the renewable sector

Technology

Tender value by Geomarkets

Business and commercial expansion exceeding expectations

• Offices in Houston and Rio to drive business development and operations in NSA geomarket
• Hugin 1000 system moved to Brazil to commence operations on reported contract

High level of commercial activity with several large tenders started

• Strong growth in larger tenders for AUV services in the NSA geomarket, some projects exceeding 12 month
• Good progress on both Eelume UID projects and market response to our Argus USV

WHY?

• Reduced transit time increases utilization
• Closer to our customers in key areas
• Build backlog/Multi-Client extending ongoing project
• Faster mobilization reduces cost for our customers
• Retain crew and equipment in identified regions

E&P spending expected to increase significantly

Argeo's growth and expansion into new geomarkets fuelled by expected growth in E&P spending of 17% in 2022.

Positioning key assets strategically to capitalize on stronger subsea activities supports faster mobilisation and cost-effective operations.

Ref: SB1 Markets, Oil Service Market Report 2022

Global offshore capex sanctioning expected to increase

With global offshore sanctioning up 8% in 2022 and a further increase to 37% in 2023, Argeo is perfectly positioned to capitalize on this strong growth to support our fleet expansion going forward

Ref: SB1 Markets, Oil Service Market Report 2022

Expanding tenders and backlog

= Contract

ARGEO CURRENT FLEET SCHEDULE

= MC (reported quarterly)

Introduction to Argeo

Market outlook

Argeo Energy services

Argeo in the renewable sector

Technology

Agenda

ARGEO'S TOOLS ARE: High-capability AUV's with complimentary abilities

SeaRaptor AUV Eelume AUV

• Depth rated to 6,000m
• Up to 50 hours battery capacity
• Light and very scalable
• Autonomous
• Low CO2 footprint

• Modular & ultra flexible
• Resident
• Operate in tight spaces

Hugin AUV

• Depth rated from 1,000 -> m
• From 20 to 40 hours battery capacity

Argeo Argus USV

• Long endurance up to 30 days
• Transportable by 40-foot flat rack container
• Hybrid propulsion system
• Real time supervision and data QC

HUGIN project in Brazil ARGEO ENERGY SERVICES

ONGOING OPERATIONS

Our Hugin 1000 crew is currently operating in Brazil on a pipeline route survey for the Cabiunas landfall gas pipeline from FPSO (BM-C-33 field) to shore, construction project.

This is a 200m wide survey corridor of approximately 120 km. Project estimated project completion in April

M/V Larissa used for the AUV route survey in Brazil

HUGIN Operational container on M/V Larissa backdeck

Hugin system "Stinger" LARS container fixed at the stern of M/V Larissa

SEARAPTOR VEHICLE STATUS "Alpha" ARGEO ENERGY SERVICES

ONGOING COMMERCIALISATION

SeaRaptor "Alpha" completed testing and is now prepared for mobilization on its first commercial deep-water project in Norway.

Finishing the projects in Norway the "Alpha will mobilize directly to its first ultra deep-water project in the Atlantic in Q2, expected to be completed late May and scheduled for more proprietary work after this.

Flight shipping crates allows for fast mobilization around the world

SeaRaptor 6000 after test diving at the factory in Iceland in December

SeaRaptor 6000 surface transiting to shore after completing dive/mission

ARGEO USV "ARGUS" PROJECT "DARK KNIGHT"

FINALIZING CONTRUCTION AND TESTING

• 10x3 meter Autonomous Surface Vessel equipped for over-thehorizon unmanned operations
• Multi-purpose vessel, both a survey machine and a service platform for the Eelume robot

ARGUS final design and branding

The ARGUS being fitted with surveillance and sensor system in Trondheim

First USV with X-Bow design Survey sensor going in to re-toolable moonpools

Agenda

Introduction to Argeo

Market outlook

Argeo Energy services

Argeo in the renewable sector

Technology

Offshore wind value chain overview and description

Accelerating offshore wind development ENABLING RENEWABLES:

DATA AS A SERVICE Reduce planning time with 1-2 years ROV Higher data quality SURVEY VESSEL

Earlier data access

• Increase confidence and reduce risk from application to construction
• Reduce time needed for optimizing development solution

Cover the whole wind farm

Increase collaboration Large survey replaces numerous small ones Less resources spent by authorities and developers

>30% cost reduction to client

Increase efficiency Economies of scale

Lower CO2 footprint

Agenda

Introduction to Argeo

Outlook

Argeo Energy services

Argeo in the renewable sector

Technology

Argeo Robotic Technology Portfolio

ARGEO LISTEN

• Cathodic Protection tool
• Inspection
• Self potential

Q2

ARGEO DISCOVER

• Large CSEM SOURCE
• Exceptional for Deep Sea Mineral exploration

Q1

• LONG RANGE MODULE

ARGEO WHISPER

• Un Exploded Ordonnance
• Pipeline
• Cable verification
• Object tracking

ARGEO DIGITAL OCEAN SPACE

• Argeo Enlight
• Argeo Introspection
• Argeo Foresight

-Q4 - 2022

Argeo's first shore-to-shore capable AUV

Key features

• Up to 240 hours (about 1 and a half weeks) endurance (2022)
• Depth rated to 6,000m
• Wide range of available sensor integrations
• Argeo WHISPER & DISCOVER included

Eelume subsea inspection and maintenance ENABLING SAFER & GREENER INSPECTION AND INTERVENTION

Fully resident or USV remotely operated robotic system for Inspection, Maintenance and Repair (IMR) work for O&G and Offshore Wind.

The Eelume system operated by Argeo will have the LISTEN sensor technology integrated from 2022. One resident Eelume can service 80 SQKM of an Offshore Wind park.

Mission Controlled Operation for USV & Eelume

Global Mission Control: Supporting client on-prem or containerised Supervised operations providing 100% mission support and backup

Argeo "Digital Ocean Space" - Optimizing Value from Ocean Data

SUBSEA ASSET DIGITALIZATION, VISUALIZATION AND ANALYSIS ENABLED

Rationale

• Attractive market opportunity
• Strong industry and technological competence
• Ability to meet high demand through fleet expansion
• Sustainable business model
• Solid customers in all verticals

Thank you