Argeo AS

Investor Presentation • Sep 11, 2024

Driving consistent growth with innovation, operational excellence, and strategic direction

Pareto Securities Annual Energy Conference, 11 September, 2024 TROND FIGENSCHOU CRANTZ, CEO ARGEO

Argeo in brief

Goals 2023 vs. actuals 2024 (H1)

Agenda

Investment rationale

Growth strategy

Summary

Argeo in brief

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.

MAINTENANCE & REPAIR

MULTI CLIENT / DAAS

MARINE MINERALS

OIL & GAS RENEWABLES

Goals 2023 vs. actuals 2024 (H1)

Scale – on track 2 full spreads from H1 24

Operations

85% commercial utilization for full spread in Q2

Unit economics based on H1'24 performance

Average yearly revenue of USD 32-35 million per full spread

2023 ambition (or goals) Q2'24 actuals

Investment rationale

DELIVERING ON GROWTH WITH INNOVATION, EXCELLENCE, AND STRATEGIC DIRECTION

1. ROBUST STRATEGY with growth in three major markets

With vessels & technology setup to serve three major verticals with value chain exceeding 30 years

Note: All numbers are in USD million

2. Consistent growth INVESTMENT RATIONALE

Proven strategy with a significant shift to profitability

INVESTMENT RATIONALE

3. Solid operational performance

WOODSIDE CALYPSO PROJECT

RWE CANOPY FLOATING WIND PROJECT

" Thanks to these AUVs, we're moving closer to not only building out our offshore wind capacity to supply more clean energy but also minimizing the impact on the marine environment and promoting coexistence with fishing. (RWE)

TOTALENERGIES NAMIBIA VENUS PROJECT

ARGEO PROJECT STATUS

Excellence in project execution- percentage of completion

4. Clear value proposition confirmed by leading customers

Superior efficiency

• Improved workflows enabled by Argeo's unique proprietary technology
• Faster inspections and quicker project turnaround
• Reduced CO2 footprint, promoting sustainability
• Enhanced safety with lower HSE risks

In-field decision making

• Near zero turnaround from data acquisition to final customer product
• In-field turnkey product allows product addons
• Intuitive visualizations of complex data for better informed decisions

TotalEnergies Namibia Venus project Argeo Venture on complete G&G turnkey contract

Argeo ahead of the wave in Namibia with highperformance project execution delivering both Geophysical and Geotechnical services in ultra deep waters

TotalEnergies – on contract to end-2024

GALP with massive discovery of 10 bn boe

Shell in production, Chevron, Woodside running exploration drilling campaigns

Expect more players entering the market

RWE Canopy floating wind A hallmark renewables project executed by Argeo

Geophysical and geotechnical deepwater site investigation offshore California for RWE Canopy 1.6 GW offshore wind farm

RWE

The Canopy Offshore Wind Farm (Canopy) project off the coast of Northern California is a key milestone in the development of RWE's first commercial scale floating offshore wind farm. The planned 1.6 GW project has the potential to power 640,000 homes with clean offshore wind energy.

Survey work will inform safe, responsible project design RWE has selected Argeo to lead survey work with sophisticated, proven technology including an autonomous underwater vehicle

PROJECT IN NUMBERS

Project water depth From 100 to 1100 meters

Scope of Work (SOW) Geophysical & Geotechnical site investigation

Project performance Appx 60 days including mobilization

Geophysical line km 2300 km

Argeo technology used Argeo Hugin 6000 + geotechnical equipment

5. UNIQUE & PROVEN TECHNOLOGY

Patented Innovation

Ensuring competitive advantage

Qualified Sensor Technology

and market differentiation Proven Success Unique sensors systems enabling faster, more efficient data collection, reducing project time and operational costs

TOTAL PATENTS PER H1-24

Advanced Digital Platform

Comprehensive digital platform turning complex data into actionable insights that drive smarter decision-making

Tested and validated across multiple projects for major clients, our technology has already demonstrated consistent performance and reliability

SUPERIOR CAPACITY WITH THE MOST ADVANCED AUV FLEET AVAILABLE

Flexible expansion for continuous growth

2023 2024 2025

Summary INVESTMENT RATIONALE

Investment Rationale

• Robust strategy with versatile spreads (vessels and technology) applicable for entire value chain
• Proven track record with solid customer base in all verticals
• Attractive financials with strong growth and cash generation
• Ability to meet high demand through flexible fleet expansion
• Unique and patented technology portfolio qualified in all markets

Uplisting to Oslo Stock Exchange

• Ultimo October 2024
• A natural next step for Argeo
• Fully regulated market-place
• Corporate governance
• IFRS accounting
• Increased investor base funds & private investors
• Improved recognition and increased analyst coverage

Thank you

Side 18