Argeo AS

Capital/Financing Update • May 17, 2021

Argeo AS: Secures attractive payment terms in connection with second SeaRaptor 6000 procurement

Argeo AS: Secures attractive payment terms in connection with second SeaRaptor 6000 procurement

Asker, 17 May 2021: Reference is made to the announcement by Argeo dated 11 May 2021 regarding procurement of the second SeaRaptor 6000 system by Argeo AS ("SR6K" or the "SeaRaptor").

Argeo has secured attractive equipment financing with interest free payment terms, consisting of 50 % payment of total contract value in 2021 and the remaining 50% paid over 8 quarterly instalments with final settlement in Q4 2023.

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 market segments in 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.

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

Web: www.argeo.no