Argeo AS

Earnings Release • Feb 28, 2022

Argeo AS: 2021 Fourth quarter report and presentation

Argeo AS: 2021 Fourth quarter report and presentation

Asker, February 28, 2022: - Argeo is progressing well. We are on track with our operations, good tender activity leading to faster expansion and commercial rollout, says Trond Crantz, CEO of Argeo.

Business and commercial expansion exceeding expectations

In line with Argeo’s plan to be close to their customers, the company has established and manned an office in Houston to drive business development in the United States and an opened an equivalent office in Rio overseeing operations and tender activity in South America.

Vehicle status, testing and delivery according to plan

Argeo’s first SeaRaptor “Alpha” has successfully completed an FAT (Factory Acceptance Test) in Iceland and preparing to mobilize for its first projects. The second SeaRaptor, “Bravo”, is being assembled according to plan with delivery scheduled in late Q1 2022.

The Hugin 1000 system has been completed with upgrades and is currently deployed at an on-going operation in Brazil. The building of Argeo’s new USV “Argus” is going according to plan with delivery scheduled for April.

High level of sales and tender activities

- In addition to the reported Hugin 1000 contract in Brazil, we are experiencing over all good tender activity in South America, and Argeo is involved in several large tender processes focusing on the North & South America (NSA) geomarket, says Crantz. We are also progressing well on proposals for our Eelume underwater inspection drone (UID) for North Sea projects, as well as activity lining up for our versatile survey machine ARGUS USV, Crantz continues.

Attractive Multi Client business development

- Argeo is moving plans into action for Offshore Wind Multi Client and their Data as a Service (DaaS) business. – The feedback we get from clients on proposed business models in both Offshore Wind and O&G is positive and encouraging, says CEO Trond Crantz. – We are focusing on Norway and European Offshore Wind licenses and expect approval from Norwegian authorities on our Multi Client program for Utsira Nord, Crantz ends

Argeo AS has the pleasure of inviting investors, analysts and media to a quarterly presentation and extended business update on 28 February at 10:00 - 11:00 (CET). During the event, the company will give a strategy update and deep-dive presentations of the business units.

Presenters: CEO Trond Figenschou Crantz, CFO Odd Erik Rudshaug

Venue: Auditorium, ground floor at SpareBank 1 Markets, Olav Vs gate 5, Oslo.

For registration to attend the physical presentation, please email elisabeth.andenaes@argeo.no

The event will be transmitted as a live webcast on the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20220228_4/

Viewers may submit written questions during and after the presentations.

For further information, please contact:

Trond F. Crantz, CEO

Mobile: + 47 976 37 273

About Argeo AS:

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, these autonomous underwater vehicles (“AUV’s”) will significantly increase efficiency and imaging quality in addition to contribute to substantially reduce CO2 emissions from operations for this global industry. The company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic, and geological methods from shallow water 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 the start-up, Argeo have carried out complex projects for some of Norway’s largest companies in the field. www.argeo.no

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act