Argeo AS

Regulatory Filings • Dec 16, 2021

Argeo AS – Argeo signs agreement with undisclosed customer for AUV work in Brazil

Argeo AS – Argeo signs agreement with undisclosed customer for AUV work in Brazil

Asker, 16.12.2021: With reference to the notice issued on the 10th of November 2021, Argeo confirms that an agreement comprising of AUV (Autonomous Underwater Vehicles) work for an undisclosed customer in Brazilian O&G sector has been signed.

The project is scheduled to commence early Q1 2022 with possibility for extensions. Argeo sees this as a potential start of a broader campaign in the Brazilian deep-water market. The contract is in line with Argeo´s targets for margins.

- We are pleased to announce this project as it is a breakthrough agreement opening a new geographical market in line with our growth strategies, says Argeo CEO, Trond Crantz.

With the current strong gas and oil markets the demand for AUV’s in the deep-water market in Brazil, is similarly strong.

- This is just the beginning of establishing Argeo in the region and we are in discussions regarding potential follow-on projects extending project delivery for several customers into early Q2, says Crantz.

Argeo currently has three 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 our 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 Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.

www.argeo.no