Argeo AS

Share Issue/Capital Change • Jan 3, 2023

Argeo: New share capital registered

Argeo: New share capital registered

Asker, 3 January 2023: Reference is made to the stock exchange announcement published by Argeo AS (the "Company" or "Argeo") (Euronext Growth: ARGEO) on 20 December 2022, regarding a successfully placed private placement (the "Private Placement") of 30,300,000 new shares in the Company (the "New Shares"), raising gross proceeds of NOK 50 million.

The Private Placement consisted of one tranche of 8,516,160 New Shares ("Tranche 1") and a second tranche of 21 783 840 New Shares ("Tranche 2").The board of directors resolved on 20 December 2022 to issue the shares allocated in Tranche 1 pursuant to an authorization granted to the board by the annual general meeting in the Company held on 16 June 2022, while the issuance of the shares allocated in Tranche 2 was subject to approval by an extraordinary general meeting (the "EGM") in the Company.

On 28 December 2022, it was resolved in the EGM to approve the share capital increase pertaining to Tranche 2 of the Private Placement, which has now been registered with the Norwegian Register of Business Enterprises. The new share capital of the Company is NOK 7 288 080,00 comprising 72 880 800 shares, each with a nominal value of NOK 0.10.

Disclosure regulation

This information is subject to a duty of disclosure pursuant to the Company's continuing obligations as a company listed on Euronext Growth Oslo.

For more information, please contact:

Trond Figenschou Crantz, CEO Argeo AS

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo | www.argeo.no

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 (“AUVs”) will significantly increase efficiency and imaging quality in addition to contribute 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 Euronext Growth Oslo under the ticker code: "ARGEO".