Argeo AS

Investor Presentation • May 15, 2025

ARGEO Q1 2025 PRESENTATION

15 Mai, 2025 ODD ERIK RUDSHAUG, CFO & INTERIM CEO, ARGEO JAN G. GRIMNES, EXECUTIVE CHAIR, ARGEO

Disclaimer

About this Presentation

By reading this presentation, any document, instrument or transmittal made available in connection herewith, or attending any meeting or oral presentation held in relation thereto (the "Presentation"), you (the "Recipient") agree to be bound by the following terms, conditions, qualifications and limitations. The Presentation has been produced by ARGEO AS (the "Company") solely for informational purposes, concerning only the subject matter herein, and does neither constitute, form part of, nor should it be construed as, an offer to sell or a solicitation or recommendation of an offer to subscribe for or buy, any securities of the Company in any jurisdiction. In relation to any offers comprising securities in the Company, prospective investors are required to read all offering materials and other relevant documentation released in relation thereto for a description of the terms and conditions thereof.

Due Diligence and Conflict of Interest

The Presentation has been prepared without any preceding external due diligence investigations being undertaken in relation to it or the Company, and the Recipient acknowledges and accepts the risks associated with this fact. The Recipient will be required to conduct its own analysis, and acknowledges and accepts that it is solely responsible for its own assessment of the Company, the general market, the market position of the Company, the Company's funding position, and the potential future performance of the Company's business and securities. The Recipient acknowledges that one or more of the Representatives may hold shares, options or other securities of the Company.

No Representation or Warranty / Disclaimer of Liability Neither the Company, any of its subsidiary undertakings or affiliates, nor any of its or their directors, officers, employees, advisors or representatives (the "Representatives") makes any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in the Presentation is or can be relied upon as a promise or representation by the Company or any of the Representatives. Neither the Company nor any of the Representatives shall have any liability whatsoever (in negligence, tort, contract or

otherwise) arising directly or indirectly from the use of the Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in the Presentation. The Company has not authorized any other person to provide investors with any other information related to the Presentation, and the Company neither has nor assumes any responsibility for any information that other persons may provide.

Risk Factors and No Investment Advice

An investment in the Company involves significant risk, and several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. The Recipient should carefully review relevant risk factors in investor materials made available for a description of certain of the risk factors that may apply to an investment in the Company's securities. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. Nothing in the Presentation shall be construed as financial, legal, business, investment, tax or other professional advice, and the Recipient should consult with its own professional advisers for any such matter and advice.

No Updates

The Presentation only speaks as of the date(s) set out herein, and neither the delivery hereof nor any further communication between the Company or any Representatives and the Recipient shall under any circumstances, create any implication that there has been no change in the affairs of the Company since such date(s). The Company assumes no obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

Forward Looking Statements

The Presentation contains certain forward-looking statements relating to, inter alia, the business, financial performance and

results of the Company and the industry in which it operates. Forward-looking statements concern future circumstances, results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "outlook", "targets", and similar expressions. Any forward-looking statements in the Presentation, including assumptions, opinions and views of the Company, any Representatives or cited from third-party sources, are solely opinions and forecasts, and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. Neither the Company nor any of the Representatives provides any assurance that the assumptions underlying such forwardlooking statements are free from errors, nor do any of them accept any responsibility for the future accuracy of opinions expressed in the Presentation or the actual occurrence of forecasted developments.

Distribution and Selling Restrictions

The Company has not taken any actions to allow the distribution of the Presentation in any jurisdiction where action would be required for such purposes. The Presentation has not been registered with, or approved by, any public authority, stock exchange or regulated market. The distribution of this Presentation, as well as any subscription, purchase, sale or transfer of securities of the Company may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. None of the Company or any of the Representatives shall have any responsibility or liability whatsoever (in negligence, tort, contract or otherwise) arising directly or indirectly from any violations of such restrictions. The Company has not authorized any offer of securities to the public requiring publication of an offering prospectus in any member state of the European Economic Area that has implemented the EU Prospectus Directive 2003/71/EC, other than as specifically addressed in the Presentation. United Kingdom: In the event the Presentation is distributed in the United Kingdom, it shall only be directed at persons who are either "investment

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.

Governing Law and Jurisdiction

This Presentation, any documents, instruments or matters relating hereto, and any disputes or claims arising out of or in connection with it, its subject matter or formation (including non-contractual disputes or claims), shall be exclusively governed, construed and interpreted in all respects in accordance with Norwegian law, without reference or giving effect to any choice or conflict of law provisions (whether of Norway or any other jurisdiction). Any dispute, controversy or claim arising out of or in connection with this Presentation, or the breach or validity hereof, shall be resolved by the ordinary courts in Norway, with Oslo as agreed and exclusive legal venue.

Financial Update

Agenda

Operational and commercial update Q&A

Financial highlights (Q1 2024 in brackets) Q1 FINANCIAL UPDATE

REVENUE

USD 11.5 million (9.5 million)

EBITDA

USD -0.2 million (2.9 million)

USD -4.2 million

NET PROFIT / LOSS

(1.9 million)

BACKLOG FOR PRODUCTION IN Q1 2025

USD 14m

Firm backlog per 31.03.2025 expected to be consumed during Q2

ADDITIONAL EXPECTED BACKLOG

USD 150m

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

TOTAL EXPECTED BACKLOG

USD 164m

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

TENDER VOLUME

USD 197m

Total assets/ equity and liabilities USD 99m Q1 FINANCIAL UPDATE

Cash flow Q1 2025 Q1 FINANCIAL UPDATE

Cash from operation

• USD 0.8m used in operating activities

Investment activities

• USD 0.4m Capex
• USD 0.5m Development expenditures
• USD 4.2m Multi-client

Financing activities

• USD 13.3m Proceeds from new equity
• USD 1.1m lease payments
• USD 0.7m repayment long term debt
• USD 1.8m interest payments

Financial Update

Agenda

Operational and commercial update Q&A

Highlights

Main events Q1 2025

• Argeo is the preferred supplier for a combined ROV & AUV Support Vessel (RSV) four-year contract in South America
• Argeo successfully completed a private placement
• Completed the TotalEnergies Venus Namibia project
• New contracts signed for Argeo Searcher and Argeo Venture in South America and Africa
• Completed the Suriname MultiClient project

Subsequent events Q1 2025

• Trond F. Crantz stepped down as CEO
• Announcement of Executive Chair, Jan P. Grimnes and interim CEO, Odd Erik Rudshaug

Advancing to the Next Phase

Argeo is entering a new phase of growth and innovation. So far, our focus has been on identifying and commercializing our solutions, which now include AUVs, deployment systems, vessels, and geotechnical services. Additionally, we have expanded our capabilities by integrating AUVs with ROVs.

Looking ahead, our goal is to become the most efficient provider of seabed information for our customers. Our enhanced offering will include:

• AUV and ROV services for precise seabed exploration
• Advanced measuring tools and systems, such as Listen
• Argeo SCOPE, our state-of-the-art presentation platform

To accelerate growth and mitigate risk, we will collaborate with companies across all sectors of our operations, strengthening our position as an industry leader.

OPERATIONAL UPDATE

Argeo Searcher with Hugin Superior

Current project: AUV survey work in South America for Oil & Gas client Production Status: Completed Completion: Early May 2025

Argeo Venture with Hugin Superior

Current project: AUV survey work in East-Africa, for Oil & Gas client Production Status: On Schedule Completion Target: Early June 2025

HSEQ highlights

Argeo remains firmly committed to the highest standards in health, safety, environment, and quality (HSEQ), with strong performance indicators in Q1 2025.

• Zero Total Recordable Incident Rate (TRIR)
• Zero Lost Time Injuries (LTI) across over 210,000 exposure hours
• No major non-conformances affecting operational or regulatory compliance
• Continued focus on carbon footprint reduction through autonomous survey operations
• Argeo's low-emission solutions support the global energy transition and responsible resource development

Both the Argeo Argus USV and the Hugin 6000 is currently being upgraded

Backlog and tender Q1 BACKLOG & TENDER STATUS

USD14m

Firm backlog Per per 31.03.2025 expected to be consumed during Q2

USD164m

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

USD150m

Additional expected contracts currently in negotiations (including 4-year contract)

Q1 24 USD million Q2 24 Q3 24 Q4 24 Q1 25 54 130 130 360 160 - 50 100 150 200 250 300 350 400 54 130 130 360 197

USD197m

Value of additional tenders not included in backlog estimates

BACKLOG TENDER

Outlook

Operational performance remains solid, with active execution across ongoing contracts

Company is actively bidding and engaging in discussions for new projects through the remainder of the year.

Delays in marine minerals and wind energy markets. Oil & gas continues to be Argeo's primary revenue stream, with a steady pipeline of projects expected into 2026

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

Agenda Financial Update Operational and commercial update Q&A

Thank you

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