Argeo AS

Investor Presentation • Sep 15, 2022

Digitizing the ocean space

Pareto Energy Conference 2022

15 SEPTEMBER 2022 TROND FIGENSCHOU CRANTZ, CEO

Disclaimer

• This presentation includes and is based on, among other things, forward-looking information and statements
• Such forward-looking information and statements are based on the current expectations, estimates and projections of Argeo or assumptions based on information available to the company
• Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions
• Argeo cannot give any assurance as to the correctness of such information and statements

Agenda

Introduction to Argeo

What we do Argeo Technology

High capability robotics solutions

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Our mission

Argeo's mission is to transform the ocean surveying and inspection industry utilizing autonomous underwater and surface vehicles, and unique sensor and imaging technology, to significantly increase efficiency and quality, and reduce the industry CO2 footprint.

Unique sensor technology and powerful 3D cloud-based digital platform

Faster, better, greener, and at a lower cost

Robotics and digital solutions for the ocean space Four attractive key target markets

Strategic development to meet global demand in the subsea sector

Capitalizing on the Offshore Energy Supercycle to expand business and scale our global service offering

offer full scale subsea services, undertaking larger scope-of-work for clients going forward.

Agenda

Introduction to Argeo

What we do

Argeo Technology

Technology enabled service provider

Argeo provides full lifecycle services using advanced robotics and digital solutions for the ocean space for oil and gas, renewables, offshore installations and marine minerals.

• Geophysical survey • Hydrographical survey • Route survey • Environmental survey • Ultra-high-resolution photo • Shallow-water USV Survey Survey • Pipeline inspection • Cathodic protection • Electric cable inspection • Depth-of-burial • Installation/IMR support • As-laid survey Flexible data access models to clients in all market segments throughout the entire project lifecycle. • Offshore wind concessions • Marine Mineral exploration • Greenfield survey • Environmental survey • Decommissioning • Subsea IMR • CP / Integrity inspections • Module replacement • Light intervention • Construction & Installation • Commissioning & handover Repair & Maintenance Inspection

FLEET UPDATE

Steadily developing our fleet to meet market demand

Argeo Argus USV

COMMERCIALLY LAUNCED IN JUNE AND STARTING FIRST PROJECT LATE AUGUST

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The Argeo Argus is a major breakthrough in commercial uncrewed solutions for the offshore energy sector.

Uncrewed, remotely supervised survey and inspection vessel

• Fully Uncrewed Surface Vehicle (USV) • Dimensions: 9x3 meters • Commercially launched June 16th, 2022

Mission Controlled Operation for USV & eROV

ARGEO MISSION CONTROL CENTRE

Global Mission Control: Supporting client on-prem or containerised Supervised operations providing 100% mission support and backup

Bjørnafjord project

Focused AUV based seismic project

The planned Bjørnafjord crossing spans over 5km of deep water with proposed suction anchoring as mooring for what will become the worlds longest floating bridge structure

Argeo was contracted by Norwegian Public Roads Administration (SVV) to survey 20 off potential suction anchor locations in challenging terrain in the Bjørnafjord on the west coast of Norway. Argeo was responsible for planning, execution, data processing, interpretation and reporting.

The project was carried out using Argeo's SeaRaptor Alpha AUV

Illustration: SBP lines combined with top bedrock and seabed surfaces viewed in 3D

Argeo positioned in the entire offshore wind value chain

WIDE-RANGING SURVEY AND INSPECTION USE IN OFFSHORE WIND

Norwegian Offshore Wind Multi-client project

Utsira North

The Utsira Nord offshore wind park is located approximately 22 km off the Norwegian coast, where Haugesund is the nearest city.

Argeo has acquired a contiguous area which clearly demonstrates value of the data types acquired. The data is providing valuable insight about the conditions on the seafloor for offshore wind developers for de-risking and planning purposes.

Utsira Nord Multiclient Survey

• Analyse environmental, geomorphological, archaeological conditions and objects
• Impact on site selection and placement of turbines/anchors

Argeo's solutions accelerate offshore wind development

ENABLING FASTER RENEWABLES SOLUTIONS

Agenda

Introduction to Argeo

What we do

Argeo Technology

ARGEO'S ROBOTIC TECHNOLOGY Unique in-house abilities to generate valuable data output

"Argeo Listen" measure the position and strength of electricity in objects on the seabed.

CATHODIC PROTECTION

Zinc sacrificial anodes are used to protect pipelines and subsea installations from corrosion. The anodes corrode in stead of the pipeline and needs to be replaced from time to time. By flying Argeo's AUV over the pipe Argeo Listen measure and identify the condition of these anodes and predict the need for replacement.

INSPECTION

Argeo Listen can localize electrical cables that have been buried or exposed by shifting sand dunes on the seabed. The tool can also be used to pinpoint the cable's position in real time even when buried.

"Argeo Whisper" sends out electrical signals from the AUV detecting objects with a higher level of electrical conductivity or higher resistance than its surroundings.

PIPELINE AND OBJECT TRACKING

Traditional use of AUV's cannot locate buried pipelines. By sending out electrical signals and identifying the location of the reflection and signal strength the tool can decide direction, position and depth of the pipeline.

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With "Argeo Whisper" one can identify and locate objects containing metals, typically unexploded ordnance, with an AUV rather than using a large vessel and tethered magnetometers.

"Argeo Discover" is developed to search and find minerals and smaller objects than the Argeo Whisper can locate as it is 5 times as powerful.

DEEP-SEA MINERALS EXPLORATION

Deep-sea minerals can be separated from its surroundings as it has a higher level of electrical conductivity. Argeo Discover can detect these minerals and determine the extent of the deposits.

In some cases, one AUV will push signals out and another AUV will listen for the reflection.

ARGEO ENLIGHT ARGEO INTROSPECTION ARGEO FORESIGHT

Electromagnetic measurement tested successfully

Gamechanger for pipeline inspection of cathodic protection system

Integrated in SeaRaptor:

• Contact less inspection 8 times faster than conventional ROV methods
• Up-to 150 km of pipeline inspection per day
• Deliver high density measurements
• Data analysis during field operations
• Both pipelines buried and on seafloor
• Simultaneous data acquisition from other sensors

Argeo Digital Ocean Space

OPTIMIZING VALUE FROM OCEAN DATA

SUBSEA ASSET DIGITALIZATION, VISUALIZATION AND ANALYSIS ENABLED

visualization of data in addition to our Multi-Client data shopping window

Georeferenced in space and time

and remaining lifetime of assets based upon trends in data measured over time

Digital Ocean Space

Fast and performant 3D visualization of vast amounts of ocean space data in the cloud, supporting a collaborative data sharing and interpretation workflow.

Seamless data fusion from seabed measurements such as:

• Synthetic aperture sonar (SAS)
• Sub-bottom profiler (SBP)
• Backscatter
• Bathymetry
• EM intensity along pipelines using Argeo Listen

On track expanding business globally and securing backlog Increased market demand and strong overall market outlook Rolling out sensor technology and digital solutions

Rationale

• Attractive market opportunity
• Strong industry and technological competence
• Ability to meet high demand through fleet expansion
• Sustainable business model
• Solid customers in all verticals

Thank you

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