Argeo AS

Earnings Release • May 12, 2021

Argeo AS – Q1 2021 Report – A solid platform and strong traction for 2021

Argeo AS – Q1 2021 Report – A solid platform and strong traction for 2021

Asker, 12.5.2021

Q1-2021 has been a transitional quarter for Argeo. The company took delivery of several new robotics systems, amongst them the first HUGIN AUV, a larger surface robot and a smaller shallow water drone system. Streamlining and connecting the unique digital delivery platform and an early start on onboard processing was all carried out in the beginning of the quarter with good results.

Technology & Engineering completed the formation of Argeo Digital Solutions product portfolio and initiated the first marquee Digital Twin product development program for the main market segments with pilot customers for the project well underway. Several key positions have been filled including Chief Physicist, Chief Geologist and Discipline Leader for the Deep Sea Mineral segment.

“Our backlog is close to being covered for the next quarter and significant effort is being made internally to ensure our clients project needs will be met. In parallel, the demand for our services in the growing offshore wind market is noticeable with good demand and bids for our new integrated robotics and geotechnical services in the EU market. We expect this to increase in particular for deeper water and floating wind market. The company’s expansion to the Americas will open up further deep-water markets in both North & South America where we firmly believe our “faster, better, greener services at a lower cost to our customers” will prove successful”, says Trond F. Crantz, CEO of Argeo AS

The company maintain its initial 2021 revenue guiding of 70-80 million NOK and expect revenues between 15 to 20 million NOK for Q2-2021.

“In general, it’s positive to see the attractivity and commercial uptake of Argeo’s CO2 neutral services and advanced data product delivery. Since our transition to the deep-water survey and inspection industry with our robotics-based solutions, significant customers have secured our services in the O&G, Construction and Installation segment”, says Crantz.

In April Argeo successfully raised NOK 175 million and listed on the Euronext Growth with the ticker: ARGEO.

Today, at 08.00 Central European Summer Time (CEST) the company´s CEO Trond F. Crantz and the CFO Odd Erik Rudshaug will host an online presentation and answer questions from the audience. The presentation will be held in English. A replay of the presentation will be made available on www.argeo.no.

The first quarter 2021 report and presentation are available at www.argeo.no and www.newsweb.com.

For more information, please contact:

Trond Figenschou Crantz, CEO

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 and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.

www.argeo.no