Argeo AS

Earnings Release • Jul 16, 2021

Argeo AS: Operational update

Argeo AS: Operational update

Asker, 16 July 2021: Argeo has successfully completed several key milestone projects involving all our robotics solutions and data analysis methods for clients in Q2. However, the revenue came in slightly below guidance due to minor technical issues that have already been resolved.

“All in all, I am very satisfied on how the second quarter proceeded. We successfully demonstrated the services based on our surface robotics platform (ASV) for EPCI clients in Aquaculture and Oil & Gas proving its high-performance potential in data acquisition and data quality”, says CEO Trond Figenschou Crantz in Argeo.

Good level of productivity

Also the Hugin AUV system was successfully mobilized for an Oil & Gas electrification project and recorded productivity of more than 70-line kilometers over a period of 12-hour continuous acquisition.

“I am very pleased with this high level of productivity, proving the performance potential previously estimated for this type of technology at 120 – 140-line kilometres per day. This is over 6x the traditional ROV acquisition speed which means our solutions are far superior to the competition”, says Crantz.

Revenues for the quarter

Revenues for the quarter was slightly down from our lower guidance target of NOK 15M, ending at NOK 12M.

High activity

“Argeo’s commercial services and offering has been presented to several key clients in our main market segments receiving positive feedback and generating several tendering opportunities going forward. Sales are working on ongoing tendering activity internationally for Offshore Wind, Oil & Gas and Deep Sea Minerals. General development of the company, including recruitment process, goes according to plan, readying operations and technical for the incoming new AUV equipment in Q4”, says Crantz.

Link to project news for ASV’s: https://argeo.no/referanse/results-from-integrated-unmanned-epci-survey/

Link to project news for AUV’s: https://argeo.no/referanse/results-from-a-pre-trenching-auv-survey-for-a-electrification-project/

The Q2 2021 report will be released on the 25th August 2021.

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273