Argeo AS

Capital/Financing Update • Sep 22, 2021

Argeo AS: 12MNOK grant from Innovation Norway and Norwegian Research Council on the Digital Twin project

Argeo AS: 12MNOK grant from Innovation Norway and Norwegian Research Council on the Digital Twin project

Innovation Norway and the Norwegian Research Council have confirmed a grant of a total of 12 MNOK in Argeo´s revolutionary Digital Twin project «Digital Ocean Space».

«We are delighted by the continuous support by Innovation Norway in Argeo’s technology development, and I truly believe this groundbreaking solution will transform how the market will expect to have ocean space data delivered in the future», says CEO Trond Crantz.

Groundbreaking

Part of the process of qualifying the project has been undertaken by a panel of distinguished scientists and business representatives from research institutions in Norway. The grant will sufficiently fund a large portion of this software project set to change how ocean space data is processed, analysed and managed in the future, and for the first time provide existing and prospective clients a lifecycle model of their assets, their integrity and individual maintenance need now and in the future.

«The Digital Twin solution combined with Argeo’s survey, inspection and light intervention services will provide the offshore asset owners with the optimal solution for subsea infrastructure monitoring and inspection. The positive impact for the environment combining the digital twin with our ocean space robotics system with be significant, and at the same time a huge cost saver for our clients compared to traditional services», says Crantz.

Argeos Digital Twin solution is a groundbreaking virtual and digital representation of the subsea installations, their space in the ocean and their conditions at all times from planning to decommission as well as a digital simulation of acquiring the data for the digital representation. The representation is made up of 3-dimensional digital visualization of objects and sensor data that directly or indirectly provides information about the physical world.

World-class expertise

Argeo has world-class expertise in sensor data for subsea surveying and inspections and combines multi-sensor data using Artificial Intelligence (AI)/Machine Learning (ML) interpretation to obtain high quality information, which the asset owners will use for optimized maintenance and inspection schedules. The Digital Twin can provide surveillance data automatically to the users as early warning or notification of problems. The users can also actively perform analysis of maintenance needs through prediction and analytic tools, easily accessible by navigating in a 3D digital representation of the ocean space. The users can retrieve status information from the past and the present as well as simulation of the future. Thus, the Digital Twin is a powerful tool to effectively control and manage inspection and maintenance needs for the asset.

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