Argeo AS: Argeo with comprehensive AUV fleet expansion

20 Sep 2023 07:00 CEST

Asker, 20.09.2023 Argeo confirms Letter of Intent for an agreement for the
purchase of two Hugin Superior AUVs and one Hugin 6000 AUV. “Following this
expansion, Argeo will have the most advanced AUV fleet worldwide”, says Argeo’s
CEO, Trond Crantz.

Amplifying operational capacity and enabling superior productivity

The first Hugin Superior is scheduled for delivery early Q4 2023, and the second
Hugin Superior in Q1 2024. The full scope delivery will be finalized with the
Hugin 6000 in Q1 2025. Argeo’s AUV fleet will thus consist of a total of 7 units
by 2025, amplifying the company’s operational capacity, and enabling superior
productivity. This puts Argeo in a unique position within both the marine
minerals, oil and gas and the renewables segment, increasing efficiency and
productivity substantially.

“The introduction of these highly advanced AUVs from Kongsberg, with Argeo’s
advanced sensors systems integrated is a strategic move that propels us ahead of
the competition. With this purchase, Argeo will be the leading commercial player
with the Hugin Superior’s in its fleet and these additions are significantly
enhancing our operational capacity and reaffirming our industry leadership”,
says Trond Crantz.

Fully financed

The purchase is fully financed through a lease agreement with and international
financing partner and has a lease term of 4 years. The total financing deal size
is USD 25m and is subject to Argeo Board approval and final signing.

Superior technology

The Hugin Superior brings unique capability and productivity through its
increased coverage and long-range sensors. The Kongsberg HISAS 1032 Dual Rx
synthetic aperture sonar (SAS) doubles the area coverage from 500m of previous
systems up to 1000m range for the Superior, in the same high-resolution imagery
and bathymetry data products. This allows one of our new Superiors to acquire a
total of 4.5 km2 per hour of operation, that is a total of 108 km2 per 24 hrs.
The Superior has a larger energy bank installed providing a total of 80 hours
continuous production (dive time) and a total of 360 km2 high resolution data
acquisition per dive.

Both the Hugin Superior and the Hugin 6000 will be equipped with Argeo’s
state-of-the-art sensor systems including our patented electromagnetic systems,
Argeo LISTEN and Argeo WHISPER.

“What truly differentiates the Hugin Superior is the exceptional sensor payload,
which has been meticulously designed to capture and interpret the ocean space
like never before, combined with our own patented electromagnetic sensor
systems”, says Crantz.

At a routine survey speed of 3.5 to 3.8 knots it can detect objects the size of
an average mobile telephone over an area of up to 1000 metres (beam-to-beam).
The imagery is processed in near real-time on board the AUV and can be analysed
by on-board advanced target recognition algorithms to detect and classify
objects against a library of known targets.

The Hugin Superior system comprises the following commercial payloads:

Synthetic Aperture Sonar HISAS 1032 Dual-Rx
Multibeam: EM2040 MKII
Sub-Bottom Profiler: EdgeTech
Electro Magnetics: Argeo LISTEN
Electro Magnetics: Argeo WHISPER
CTD sensor
Digital still image color camera
Laser profiler
Magnetometer and turbidity sensor
Acoustic Doppler Current Profiling (ADCPJ
Methane (CH4) sensor

The Hugin 6000 system comprises the following commercial payloads:

Synthetic Aperture Sonar: HISAS 1032
Multibeam: EM2040
Sub-Bottom Profiler: EdgeTech DW-216 (2-16 KHz)
Colour camera: CathX Hunter UHD + LED panels
Laser: CathX Dual Mode Laser profiling
Environmental sensors: WetLabs FLNTU Turbidity

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.

More information:
Access the news on Oslo Bors NewsWeb site