Argeo AS

Capital/Financing Update • Oct 4, 2022

Argeo enters a 5-year bareboat contract for vessel Argeo Searcher

Argeo enters a 5-year bareboat contract for vessel Argeo Searcher

ASKER 04.10.22: Argeo has signed a 5-year bareboat contract for vessel Argeo Searcher, with an option to purchase the vessel for USD 2 million after 12 months and USD 1 million after 27 months. Estimated delivery is the 10th of December 2022.

- The international expansion of Argeo means contracts are significantly larger, with longer duration and therefore requires predictability in our operational value chain. This agreement will make Argeo a very competitive service provider in all our markets, now offering a complete solution to our customers, says Crantz.

The contract sizes now accessible for Argeo with this vessel/AUV configuration typically ranges from NOK 150 million to NOK 300 million, which is supported by our current tenders in our pipeline.

- We are pleased to enter into this agreement as it secures Argeo with crucial vessel capacity at a very competitive price in a tightening market, says Argeo CEO Trond F. Crantz.

The Searcher is a perfect DP (Dynamic Positioning) II vessel for Argeo and its customers, with modern diesel electric propulsion means it is a fuel economic platform for our operations. The vessel has significant capacities with 200 days endurance, accommodation of 65 persons and fully certified helicopter deck, ICE 1A1 class means we can qualify most project requirements and be completely independent of partners and infrastructure to do so.

- Having access to a vessel like the Argeo Searcher enables us to meet all customer needs for Argeo’s activities, adds far more flexibility and streamline our operations in the global offshore energy and marine mineral markets, Crantz continues.

The Argeo Searcher (former Ocean Pearl) was delivered in 2001 as a cable laying vessel. Later, in 2006 the vessel was fully converted to OBN (Ocean Bottom Node) seismic vessel and has been in operations until January 2022. The vessel has since been docked for inspection and maintenance in early 2022, completing full class renewal (5-year) for the period of the agreement.

Argeo Searcher will operate in North and South America (NSA) and West Africa (WA) energy market and the Pacific Ocean and North Atlantic for marine minerals market. The vessel can deploy and operate one or several AUV (Autonomous Underwater Vehicle) systems and will be equipped with Argeo’s unique SeaRaptor AUV’s and prepared with available hangar for several work-class ROV (WROV) systems to support IMR operations.

OSM Maritime, with their long and international ship management experience has been selected for ship and maritime crew management of Argeo Searcher (https://osm.no). OSM Offshore have managed Argeo Searcher since 2006 and know the vessel, and its history exceptionally well.

For more information see https://argeo.no

For more information, please contact:

Trond Figenschou Crantz, CEO (Chief Executive Officer) Argeo AS

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

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 the market segments Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals. Argeo was established in 2017 and has offices in Asker (Oslo), Tromsø, Stockholm, Houston, and Singapore. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.