Mid-Atlantic 2023 deep-water campaign firms up to 30 million NOK

15 Mar 2023 08:19 CET

Asker, 15 March 2023: Argeo has secured a significant confirmed backlog of
deep-water work to be conducted in the Mid-Atlantic Ridge area with a total
campaign value of 30 mnok plus late sales potential from the multi-client
program.

The campaign comprises of a series of recently announced projects:

Ultra Deep-water technology, sensor, and data validation
Ultra-deep-water (~5000m) validation of advanced dual-AUV operations, payload
sensors and general acquisition strategies. (Reference made to stock exchange
notice published 16.11.2022).

PGI Deep-Sea Minerals data acquisition project
Multi-sensor data acquisition with AUV for the Polish Geological Institute –
National Research Institute (PGI-NRI. (Reference made to stock exchange notice
published 17.02.2023) providing high resolution environmental and potential
marine mineral resource assessment over PGI concessions.

Deep Sea Minerals Multi Client project
Collaboration project with a long-standing multi-client player, to conduct the
world’s first
multi-client data collection at the Mid-Atlantic Ridge for the emerging deep-sea
minerals market. (Reference made to stock exchange notice published 13.03.2023)

The campaign commenced as planned mid-February and is expected to be completed
end of April 2023. Within this period, it is included three weeks of port call
and additional installation work.

The campaign has a total contract value of 30 mnok, plus late sales potential
from the multi-client program.

The campaign contributes to improve optimization of operations and its
environmental footprint while enabling our clients early access to
cost-effective data.

- We are pleased to announce a continuity of contracts confirming Argeo’s
deep-water capabilities and our position in the emerging Deep-Sea Minerals
market, says Argeo CEO, Trond Crantz. - Our combination of technology, expertise
and assets makes a perfect match for the needs of combined geological and
environmental mapping to understand the prospectivity of a DSM area, Crantz
continues.

For more information, please contact:
Trond Figenschou Crantz, CEO Argeo AS
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 (“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 The Euronext Growth in Oslo under the ticker: ARGEO.
Please visit www.argeo.no for more information.

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