Argeo AS

Earnings Release • Mar 17, 2025

Argeo ASA: Completion of TotalEnergies Venus Namibia project

Argeo ASA: Completion of TotalEnergies Venus Namibia project

Asker, 17.03.2025: Reference is made to stock exchange announcement from Argeo ASA ("Argeo" or the "Company") published on 2 April 2024 “Argeo announces TotalEnergies as client for USD 39 million contract”. Argeo is pleased to confirm completion of the Venus project in Namibia for TotalEnergies on 14 March 2025.

Argeo Venture is currently demobilizing in Walvis Bay, scheduled to be completed 23 March.

The “Venture” commenced work in Namibia on 20 May 2024 after transiting from Norway. The project has taken somewhat longer than initially estimated due to an unexpectedly long yard-stay and poorer weather conditions than expected. In total, the Venture has spent close to 10 months on project, delivering over 7000-line km of AUV geophysical data and close to 200 geotechnical samples in water depth exceeding 3000 meters.

The contract and work program reaffirm our capability to deliver top-tier deep-water services and demonstrated our ability to execute integrated geophysical and geotechnical projects, where the geotechnical component is derived from geophysical data that is efficiently processed on board.

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo ASA

Argeo is a comprehensive subsea service provider, operating across three major sectors: Oil & Gas, Marine Minerals, and Renewables. The Company offers a unique package that integrates robust vessels, state-of-the-art autonomous underwater vehicles (AUVs), advanced sensors, digital imaging technology, and an intuitive digital platform designed to collect and visualize complex data. 

With their own vessels and high-performance AUVs, Argeo delivers fast and flexible full-lifecycle services, including survey, inspection, maintenance, and repair, aimed at improving efficiency and reducing the carbon footprint for global, industry-leading clients. Founded in 2020, Argeo has established offices in Asker (Oslo), Edinburgh, Houston, and Rio de Janeiro. The Company is listed on Euronext Oslo Børs under the ticker: ARGEO.

Please visit www.argeo.no for more information.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.