Argeo AS

Earnings Release • Aug 25, 2021

Argeo AS Reports Unaudited Results for the Second Quarter of 2021

Argeo AS Reports Unaudited Results for the Second Quarter of 2021

Asker, 25th of August 2021: Argeo AS (Ticker: ARGEO) today reported unaudited results for the second quarter 2021.

Highlights

Argeo had high operational activity during the quarter and successfully completed several key milestone projects involving all our robotics solutions and data analysis methods for clients.

“As we are in a build-up period, I am very pleased that we managed to successfully demonstrate our services based on our surface robotics platform (ASV) for EPCI clients in Aquaculture and Oil & Gas proving our high-performance potential in data acquisition and data quality, says CEO Trond Figenschou Crantz in Argeo.

The revenue for the quarter was slightly lower than our guidance target of NOK 15M, ending at NOK 11M.

“Despite all the positive results during the quarter when commissioning the used Hugin system we experienced some initial technical delays relating to a long period of system standstill that in turn resulted in slightly lower revenues compared to our Q1 guidance. I am however very pleased by the great effort put in by the operational and geoscience team, resolving the problems and bringing the project to close. The recorded productivity was more than 70-line kilometers over a period of 12-hour continuous acquisition, over 6x the traditional ROV acquisition speed”, says Crantz.

Good commercial scaling of market activities resulting in significant project pipeline build-up leading to several Request For Information (RFI), Request For Quotation (RFQ) and Tenders in mainly Offshore Wind, O&G and Deep Sea Minerals.

“All three robotics systems, the two Autonomous Surface Vehicle and the Hugin AUV are occupied from late August with potential for extension in September which reflects the high activity level”, says Crantz.

The construction of the two SeaRaptor systems is going according to the earlier communicated plan with the first delivery in Q4-2021 and the second delivery in Q1-2022.

Presentation and webcast

Argeo will host a presentation and a webcast to discuss the Company's results for the period ended 30 June 2021 on Wednesday, 25th August 2021, at 10:00 CEST. There will be a Q&A session following the presentation.

The presentation will be hosted by:

Mr. Trond Figenschau Crantz, CEO

Mr. Odd Erik Rudshaug, CFO

To access the webcast please register on the following link: https://attendee.gotowebinar.com/register/7171858578584959500

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

Web: www.argeo.no

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.

Argeo is listed on The Euronext Growth Oslo under the ticker: ARGEO.