Argeo AS

Investor Presentation • Feb 27, 2025

ARGEO Q4 2024 PRESENTATION

27 February, 2025 TROND FIGENSCHOU CRANTZ, CEO ARGEO ODD ERIK RUDSHAUG, CFO ARGEO

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About this Presentation

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Forward Looking Statements

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professionals" for the purposes of Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on the Presentation or any of its contents. Any investment or investment activity to which the Presentation relates will be available only to Relevant Persons. United States: This Presentation does not constitute an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration or under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States, the securities described herein will be offered only to qualified institutional buyers ("QIBs") within the meaning of, and as defined in, Rule 144A under the Securities Act. Outside the United States, the securities described herein will be offered in accordance with Regulation S under the Securities Act to non-U.S. persons (as defined in Regulation S). The Recipient warrants and represents that (i) if it is located within the United States and/or is a U.S. person or in the United States, it is a QIB, (ii) if it is a resident in the United Kingdom, it is a Relevant Person.

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Agenda

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

Side 3

Highlights

Agenda

Argeo's market position Backlog & tender status Operational update Technology Financials Outlook

Highlights

Financial Highlights Q4 2024

USD 5.4

Revenue Q4 2024

+440% YoY

Fourth quarter with revenues up from USD 1.0 million in Q4 2023

USD -8.5

NET PROFIT/LOSS Q4 2024

Improvement of 0.9 from USD -9.4 in Q4 2023

USD -5.7 EBITDA Q4 2024

EBITDA down from USD -2.2 in Q4 2023

EBIT Q4 2024

USD -7.9

EBIT down from USD -6.4 in Q4 2023

USD 14 million BACKLOG FOR PRODUCTION IN Q1 2025 Firm backlog per year-end 2024 for execution in Q1 2025. USD 4m in backlog for NCPOR moved to later 2025

USD 176 million ADDITIONAL EXPECTED BACKLOG

Value of additional expected contracts currently in negotiations (including 4-year contract)

USD 190 million TOTAL EXPECTED BACKLOG

USD 160 million ADDITIONAL TENDER VOLUME

Fourth quarter and full year highlights Q4 HIGHLIGHTS

NOK 150 million private placement

NOK

NOK

NOK

40m

60m

50m

Uses

• 1. Long-lead items for entering IMR market and four-year ROV & AUV contract
• 1. Finance geotechnical equipment to enable Argeo's service offering on long-term frame agreements
• 1. General corporate purpose

Why

• Required equipment and systems has from 12–14-month delivery
• Unstable supply-chain can negatively impact key-components
• Planning is key to successful startup and execution

REVENUES & EBITDA (USDm)

Sources: Company information | Note: 1) Cash balance is before any investments included under use of proceeds

→ Capable and robust vessels CAPITAL STRUCTURE (USDm)

→ Experienced crew
→ Superior drones
→ Advanced sensors
→ Intuitive digital platform

Company highlights

Expanding into geotechnical services	80% of integrated site investigation projects2) • includes geotechnical services which typically consists of 15% of the total contract value • Currently subcontracted out, build-up of inhouse capability will give long-term competitive advantage
Positioned for 4-year IMR contract in South America	4-year day rate contract for IMR1) • services with AUV & ROV and full data service delivery • Argeo Venture was purchased and upgraded for total USD 30 million in 2023 • Additional CAPEX of USD 12 million in subsea equipment
New multi-year contracts & frame agreements	• Currently completing a 10-month contract with Total Energies in Namibia Recently awarded 5-year site investigation frame agreement with Total Energies, and 8-year multiclient agreement with Staatsolie of Suriname • • Positioned for 4-year contract in South America, final award expected Q1
Strong underlying market	• Strong development in deepwater projects • Largest focus on West Africa and South Americas • Offshore wind capacity still set to increase
EBITDA backlog 65% of EV	Total expected backlog USD ~1903) • million including contracts in final negotiation stage Estimated EBITDA backlog USD 571) • million exceeds net debt & leases of USD 44.6 million • Q2'24 and Q3'24 EBITDA of USD ~20 million annualized is representative for 2025
	1. Inspection, Maintenance & Repair 2. Site Investigation contracts for Greenfield and Field Development, including TotalEnergies Namibia, West Africa, Suriname, Brazil and North Sea Offshore Wind 3. Including 4-year contract where Argeo is positioned as #1 bidder, subject to final contract award

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

Agenda

Argeo in brief

Argeo is an Offshore Service company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions.

Markets

MARINE MINERALS

OIL & GAS RENEWABLES

2020's is the O&G deepwater decade!

The offshore sector has emerged as the key new source of supply

"

This comeback looks set to make the 2020s Deepwater's decade," says Espen Erlingsen, senior partner at consultancy Rystad Energy with companies pouring almost \$104bn into the space this year, according to estimates from Rystad, up by almost half since 2020 and the highest level since 2016. By 2027, that figure will rise to nearly \$140bn. Financial times 18.11.2024

"

The industry has a decline rate of 4-5 per cent per year, rising to 7-8 per cent for deepwater projects, meaning significant new exploration is needed just to keep production flat" Patrick Pouyanné, CEO TotalEnergies

"

12% growth in Africa's deepwater segment has always played a key role in terms of ultradeep water adding significant discovered volumes. The contribution of this segment in Africa's hydrocarbon production mix was between 20- 25% last decade and is expected to increase between 35-40% by 2035. Rystad Energy, November 2024

Source: Rystad Energy's Upstream Solutions, June 2014

Deepwater subsea leading the race

The offshore sector has emerged as the key new source of supply

"

Towards the end of this decade, deepwater will be the key, if not the only, source of non-Opec oil growth

The Stabroek Guyana discovery has spurred new exploration by oil majors and some national oil companies in frontiers from Brazil to Angola.

Last month, France's TotalEnergies greenlit its \$10.5bn GranMorgu project in Suriname, which borders Guyana. Off the coast of Namibia, Portugal's Galp, along with Shell and Total, have also made huge discoveries"

Financial times 18.11.2024

Source: Rystad Energy's Upstream Solutions, August 2014

Leading the way in deepwater

OIL & GAS

Expertise

Unique knowledge & track record on deepwater projects

Innovation

Leading electromagnetic sensor technology

Value-add

Cost-efficient survey and inspection and rapid access to data through our digital platform Argeo SCOPE

Growth

Rapidly expanding, leveraging booming offshore investments

From startup to fully integrated subsea service provider COMPANY HISTORY AND DEVELOPMENT

Two more vessels by 2026 with ROV/IMR focus

Launch plan H2 2025 Lead by business and external financing plan

H1 2026 Lead by business and external financing plan

Insource geotechnical service capability

Launch plan H1 2025 Modularized light geotechnical equipment for easy mobilization anywhere in the world

Business rationale Geotech required for any Site Investigation (SI) project in all three verticals

Add ROV/IMR services to existing value chain and existing/new vessels

Launch plan H1 2025 Opportunistic ROV/Tooling delivery w/financing plan ready

H1 2026 First new ROV/Tooling delivery Q1 2026

Second new 2x delivery 2026 Q2 w/business trigger Scale up Brazil as office to run and support Argeo services in country

Launch plan H2 2025 Scaling up with focus on business, operations and logistics

H1 2026 Ready for full scale operation and service delivery

H2 2026 Expect Brazil to contribute > 40% of Argo's subsea business through out this decade

A fully integrated subsea company

Serving the entire value chain from exploration to decommissioning

Expanding into the integrated AUV / ROV market

-In final negotiations for 4-year contract with a large oil company

• First deep-water project for the Shell Nigeria Exploration and Production Company #1 bidder for a four-year contract for ROV & AUV support vessel. Award expected within Q1, and is subject to final approval

• Field operated by SNEPCO on behalf of the Nigerian National Petroleum Corporation

(SNEPCO) and for Nigeria

(NNPC) and its partners under a production sharing contract The partners in the field Cost est. to USD 12m whereof USD ~4.5m will be paid 2025 funded with equity, and USD ~7.5 million in 2026 expected to be funded with leasing (offer received)

• It can produce 200,000 barrels of oil per day and 150 million standard cubic feet of gas per day. The cost of the full field development was \$3.6bn. Argeo is also in contention for a second 4-year contract for a pure ROV & IMR subsea vessel. Decision on this LOT is expected mid-May.

include Shell (55%), Esso (20%), Total (12.5%) and Agip (12.5%).

Argeo's in-house developed sensor systems Argeo LISTEN & WHISPER and the cloud-based digital platform Argeo SCOPE are the project delivery platform

Entering the geotechnical sampling market

5-year frame agreement for site investigations with TotalEnergies

This contract includes both Subsea Survey and Geotech sampling of the seafloor

Subsea Survey

Argeo Venture equipped with the latest Kongsberg Hugin Superior acquired over 7000 l.km over a 4-month period deep water Namibia

Data was acquired and processed on-time and on-budget meeting project milestones and delivering on client requirements

Geotechnical sampling (Expanding business area)

Geotechnical sampling was executed in partnership with a subcontractor. Argeo will in the future include sampling as part of the in-house offering. Equipment and marine crew has been secured via the supplier.

equivalent vessel

Subsea Survey and Geotech sampling are tightly linked Clear synergies and margins to be realized

Site investigations require both geophysical (AUV) and geotechnical understanding of the seabed prior to start of field developments.

Argeo will invest in geotechnical equipment for the vessels Venture and Searcher totalling USD 6 million1), all equity financed

Enabling the vessels to deliver integrated site investigation services, across our three verticals and deliver the full value chain to our customers

Allows Argeo to expand into the pure-play geotechnical market which is expected represent USD about 20 million per year in revenue

Note: 1) USD 6 million includes hiring of staff and organizational cost

Adding these services will increase the value of Argeo's services by 15% per project

Agenda

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

Market and product revenue distribution

DISTRIBUTION

ALL FIGURES ARE END OF YEAR (Q4) 2024

Q4 BACKLOG & TENDER STATUS

USD14m

Firm backlog per year-end 2024 for Q1 2025

Backlog and tender

USD190m

Total backlog Includes firm and additional expected contracts currently in negotiations (including 4-year contract)

USD176m

Value of additional expected contracts currently in negotiations (including 4-year contract)

0 50 100 150 200 250 300 350 400 Q4 USD million Q1 Q2 Q3 Q4 Q1 54 130 130 360 160 0 50 100 150 200 250 300 350 400 USD million 160

USD160m

24

24

23

24

24

Value of additional tenders not included in backlog estimates

25

BACKLOG TENDER

OPERATIONAL UPDATE

Argeo Searcher with Hugin Superior

Current project: Suriname MultiClient Production Status: Delayed Completion Target: End-of-February 2025 Next project: North & South America

Argeo Venture with Hugin Superior

Current project: TotalEnergies, Namibia Venus project Production Status: Delayed Completion Target: End-of-March 2025 Next project: Africa

Hugin 6000 Containerized solution

Current project: N/A Production Status: Idle/upgrade Completion Target: N/A Next project: NSA

Argeo Argus USV Uncrewed Surface Vessel

Project: Survey verification project Production status: in mobilisation Completion Target: Q2-2025 Next project: Suriname MultiClient

Q4 Operational efficiency – fleet & project based Q4 HIGHLIGHTS

Q4 OPERATIONAL EFFICIENCY – VESSEL ASSETS OPERATIONAL EFFICIENCY – PROJECT ASSETS

Roadmap to financial discipline and operational success Q4 OPERATIONAL UPDATE

Cost objective Operational

goals 2025

• Cost saving Initiative 2025
• Strategic Supply Chain Management
• Planning and forecasting

Operational efficiency

• KPI for 2024 and 2025
• Leads to improved EBITDA

Cost control

• KPI for 2024 and 2025
• Reduction of vessel OPEX

Agenda

Highlights Argeo's market position

Backlog and tender status

Operational update

Technology

Financials

Outlook

Projects Q4: percentage of completion Q4 OPERATIONAL UPDATE

TotalEnergies Namibia Venus project Argeo Venture in production

Argeo ahead of the wave with presently on contract and working in Namibia with full spread of AUV and subsea equipment including geotechnical

TotalEnergies – on contract to end-March 2025

GALP with massive discovery of 10 bn boe

Shell in production, Chevron, Woodside running exploration drilling campaigns

Expect more players entering the market

8-Year multiclient agreement

with National Energy Company Staatsolie in Suriname

Geophysical data acquisition with AUV and USV

in partnership with Staatsolie in Suriname. The program is investigating a range of pre-defined areas of interest from the industry, across all water depths in great detail, and will provide crucial insight to hydrocarbon activity around the seafloor.

Staatsolie is Suriname's O&G regulator and National Energy Company. Suriname is a significant O&G exploration hot-spot, with most of the O&G Supermajors present. It is high activity in data acquisition and exploration work to further investigate the petroleum resources. The Multi-client model is widely used in the country, allowing cost efficient data access to the clients.

PROJECT IN NUMBERS

Project water depth From 10 to 4,500 meters

Scope of Work (SOW) Geophysical & Geochemical site investigations

Project performance Appx 70 days with AUV and 150 days with USV

Data acquisition

~2,100 sqkm connected with ~1,250 km of tie lines

Argeo technology used Argeo Listen, Argeo Scope

Agenda

Highlights

Argeo's market position

Backlog & tender status

Operational update

Technology

Financials

Outlook

ADVANCED ROBOTICS

ARGEO ELECTROMAGNETIC SENSOR SYSTEM GRANTED 7 INDUSTRIAL PATENTS

ARGEO LISTEN AUV + WROV

• Positioning and burial depth of active power cables
• Electrical cable integrity
• Inspection of subsea cathodic protection systems
• Marine Mineral exploration
• General site survey

ARGEO WHISPER AUV + WROV

• Tracking/burial depth of "dead" power cables
• Cable detection and integrity verification/fault identification
• Tracking buried pipelines
• Detection of Unexploded Ordnance (UXO)
• Decommissioning

ARGEO DISCOVER AUV

• Tracking/burial depth of "dead" power Marine Minerals exploration
  • cables • Detection proven

Tracking buried pipelines

(UXO)

Decommissioning

Cable detection and integrity verification/fault identification • Resource estimation proven

Detection of Unexploded Ordnance

Argeo SCOPE digital solution DIGITAL SOLUTION

Cloud-based solution for management, analysis, and interpretation of Ocean Space data

Enables efficient 3D visualization of Ocean Space Data in a user-friendly browser-based interface, supporting a collaborative data sharing and a smoother interpretation workflow.

Seamless data fusion from seabed measurements such as:

• Synthetic aperture sonar (SAS)
• Sub-bottom profiler (SBP)
• Backscatter
• Bathymetry
• Subsea camera and snapshots
• Environmental data
• Laser measurements
• Geo-taggable documents
• WMS Services
• Interpreted surfaces and horizons from legacy platforms
• Electromagnetic field data

Agenda

Highlights Argeo's market position Backlog & tender status Operational update Technology Financials Outlook

Key financials Year on Year Q4 FINANCIALS

Q4 23

Q4 24

All amounts in USD 1,000

Note: Figures are in accordance with IFRS accounting principles

Total assets/ equity and liabilities USD 99m Q4 FINANCIALS

Cash flow Q4 2024 Q4 FINANCIALS

Cash from operation

• USD 3.7m used in operating activities

Investment activities

• USD 1.5m Capex
• USD 0.4m Development expenditures
• USD 3.2m Multi-client
• USD 0.9m proceeds from equipment sale

Financing activities

• USD 8.7m Proceeds from long term debt
• USD 1.2m lease payments
• USD 3.1m repayment long term debt
• USD 1.6m interest payments

Trading update: earnings bridge Q3'24 – Q4'24 Q4 FINANCIALS

Revenue bridge (USDm) EBITDA bridge (USDm)

• Q2'24 and Q3'24 had satisfactory financial performance with revenues of USD 15-23 million and EBITDA of USD 4.2-5.4 million
• These were in line with our expected run-rate of USD 10 million per ship per year
• Q4'2024 saw the upgrade of Venture that took 60 days. Charter hire was paid but not recognized in the P&L for the duration of the yard stay. Negative cash effect was USD 1.5 million

• Searcher performed multi-client work through Q4'2024, resulting in USD 6.5 million lower revenues and USD 3.5 million lower EBITDA
  • USD ~3 million of costs were capitalized
• We expect this to be non-recurring from Q2'2025

Agenda

Highlights Argeo's market position Backlog & tender status Operational update Technology Financials

Outlook

Outlook

Argeo maintains a positive outlook

Robust outlook for offshore oil and gas demand in the near to medium term. The deep-water market remains strong, with high activity levels in West Africa and South America

Argeo's expanded service offering positions the company to capitalize on the increasing demand for advanced subsea services

Positioned for 4-year IMR contract in South America and new multi-year contracts & frame agreements

Thank you

Side 40