Argeo AS

Earnings Release • Jan 22, 2024

Correction: Argeo AS: Backlog of NOK 550 million and high project performance

Correction: Argeo AS: Backlog of NOK 550 million and high project performance

Note: The attachment has been corrected.

ASKER 22.01.2024 Offshore service company Argeo, has today published a vessel schedule enclosed to this release, providing a brief company project and backlog update currently running at NOK 550 million.

Update on backlog - in reference to earlier press releases Argeo’s backlog for 2024 now totals NOK ~550 million with a further sales and revenue potential of additional NOK 200 million for Argeo Searcher in H2-2024.

Vessel schedule and project status

Argeo Searcher has completed the Shell job in Nigeria in record time and with high performance. The vessel exited Nigeria 20.01 and will move on to mobilize in the Indian Ocean to commence the NCPOR project. We expect the NCPOR project to be completed in late Q2-2024. We have several strong tender leads for Searcher in H2-2024 and see a further increase in backlog and revenues for the vessel in H2.

Argeo Venture is finalizing reactivation task outside Bergen in Norway and will commence rigging our second Hugin Superior for an international Oil Company. Argeo Venture will mobilize on this contract mid-March, we expect to complete the work late Q4-2024.

For projects secured late 2023 and early 2024 we have an estimated EBITDA margin between 35-40%

Project update

November 11th, 2023, Argeo announced that they had confirmed a NOK 55 million contract with Shell- SNEPCo for deep water inspection services in the Bonga field and its subsea assets (pipelines, infrastructure, and flowline systems) in addition to geophysical surveys of nearby areas. The project was later increased, and commencement in-field started late December 2023.

Additionally, Argeo announced November 13th that they had been awarded a NOK 154 million contract with India’s National Centre for Polar and Ocean Research NCPOR.

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, Edinburgh, Houston, Rio de Janeiro, 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.