Argeo confirms contract extension to March 2024 for Hugin 6000 AUV

25 Apr 2023 09:24 CEST

Asker, 25.04.2023 In reference to the company’s earlier announcement made on the
24th of March 2022 “Argeo AS – Argeo signs 12-month project for newly purchased
Hugin 6000 …” Argeo now confirms contract extension.

The project, which started 1st of September 2022 with a minimum guaranteed
duration of 6-months and a 6-month extension, has now been extended to 1st of
March 2024. The initial contract value of the extension is minimum 2 MUSD,
subject to some increase with utilization added.

- We are pleased to announce the extension of the project as it confirms the
attractivity and functionality of the AUV systems, says Argeo’s CEO, Trond
Crantz.

The complete Hugin 6000 AUV system includes a full Launch and Recovery System
container (LARS) and an Operating System container (OPS) which can be
strategically placed in Argeo’s main Geomarkets for rapid deployment serving the
company’s global customers with state-of-the-art technology and data.

The AUV enables deep-sea surveys to the benefit of marine industries including
Installations & Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals.

For more information, please contact:
Trond Figenschou Crantz, CEO
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 (AUV’s) will significantly
increase efficiency and imaging quality in addition to contributing 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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