Argeo AS

Earnings Release • May 11, 2023

Argeo AS: A record quarter for Argeo, 258% revenue increase and strong order book

Argeo AS: A record quarter for Argeo, 258% revenue increase and strong order book

Asker, 11.05.2023 – We have put a strong first quarter behind us with a 258% growth in revenues from NOK 6.9 million in Q1 2022 to NOK 24.7 million, and a record high order book, says Argeo CEO, Trond Crantz.

The strong revenue growth in Q1 2023 was driven by the successful completion of deep-water project with Argeo Searcher and both SeaRaptors in the North Atlantic, as well as commercial work done by the Hugin 6000, which began in September.

- We are pleased with the strong revenue growth in Q1 2023, which reflects the successful execution of our adjusted strategy, says Argeo CEO, Trond Crantz. Our deep-water survey capabilities and the completion of our vessel, Argeo Searcher, have been instrumental in driving growth, and we remain optimistic about the company's future prospects. Our order book is nearly fully booked for 2023 and we expect to generate positive cash flow from our operations in Q3, Crantz continues.

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo

Argeo is an Offshore Service 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 (AUV’s) will significantly increase efficiency and imaging quality in addition to contributing 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 Oil & Gas, Renewables, Marine Minerals and Offshore Installations. 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.