Argeo AS

Earnings Release • Sep 6, 2022

Argeo AS – New Hugin 6000 AUV system starts commercial work with a contract valued at 4.5 MUSD

Argeo AS – New Hugin 6000 AUV system starts commercial work with a contract valued at 4.5 MUSD

Asker, 06.09.2022: The newly purchased Hugin 6000 AUV from Kongsberg Maritime will start commercial work in September.

In reference to the company’s earlier announcement made on the 24th March 2022 “Hugin 6000 AUV Purchase”, Argeo now confirms start of commercial operations. The system is enroute to project location with commencement of operations later in September. The contract has a duration of six months with an option to extend a further six months and estimated completion in the second half of 2023. The total contribution for the full 12 months is 4.5 MUSD EBITDA.

- We are pleased to confirm that the project is going according to plan and brings this hi-specification into commercial work for the customer. The Hugin 6000 is a state-of-the-art ultra-deep water autonomous vehicle with all the necessary payload systems to make it one of the most advanced high-capacity survey machines in the world, says Argeo’s CEO, Trond Crantz.

The Hugin 6000 system comprises the following commercial payloads:

- Synthetic Aperture Sonar: HISAS 1032

- Multibeam: EM2040

- Sub-Bottom Profiler: EdgeTech DW-216 (2-16 KHz)

- Colour camera: CathX Hunter UHD + LED panels

- Laser: CathX Dual Mode Laser profiling

- Environmental sensors: WetLabs FLNTU Turbidity

- Magnetometer: Applied Physics

- Electro Magnetics: *Argeo Robotics Cathodic Protection Measurement “LISTEN”

- Electro Magnetics: *Argeo Robotics EM system “WHISPER”

* Argeo Robotics system will be installed after first project is completed

The complete AUV Hugin 6000 AUV system includes a full LARS container and an OPS container system which can be strategically placed in Argeo’s main Geomarkets for rapid deployment serving the company’s global customers with state-of-the-art technology and data. All data collected is processed onboard the AUV using onboard-post processing and mosaicking software to allow quick turnaround during missions and improved decision making for the customer.

The AUV enables deep-sea surveys to the benefit of marine industries including Installations & Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals.

For more information, please contact:

Trond Figenschou Crantz, CEO 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.

The company is listed on The Euronext Growth in Oslo under the ticker: ARGEO. Please visit www.argeo.no for more information.