Argeo enters 8-year Multi Client agreement with National Energy Company Staatsolie in Suriname

04 Nov 2024 08:00 CET

Asker, 04.11.2024: Subsea service provider, Argeo, has entered into an 8-year
agreement regarding acquisition, processing and sales of multi-client data in
Suriname with Staatsolie, Suriname’s oil and gas regulator and state oil
company. The agreement can be extended after the initial 8-year term.

Suriname is regarded as one of the most promising oil and gas exploration
provinces worldwide, and recent discoveries are being sanctioned and developed
in the years ahead.

Several major O&G exploration companies are present in Suriname which borders
with Guyana and French Guiana. The hydrocarbon plays offshore Surinam are likely
to share similarities with the nearby plays as found in Guyana, and Brazil.
There is an estimated amount of 7135 MMboe of oil and 1015 MMboe of gas
discovered in Suriname-Guyana hydrocarbon province (ref. energy market research
and intelligence company Westwood).

Argeo’s highly relevant data services will create value for clients throughout
the oil and gas project lifecycle, starting with exploration, through field
development and production. The execution of this agreement will be carried out
in several phases over the contract period and include integrated Turnkey data
solutions including geophysical, geochemical, and geotechnical products in
addition to several new tools.

The first agreed package and scope of work under the agreement consist of
geophysical data acquisition with Autonomous Underwater Vehicle (AUV) and
Uncrewed Surface Vehicle (USV) in strategically selected areas. The first phase
of the program will be carried out by Argeo Searcher, already on
location/prospect and is expected to last for 60-70 days. The following USV
program is estimated to take 120-150 days and will commence early 2025. Argeo
Searcher has undergone a short upgrade to enable the vessel to carry out the
geochemical and geotechnical work with newly commissioned handling systems to be
used for future projects.

The agreement kick-starts the development Argeo Multiclient, hosting the
company’s global multi-client library, which is strategically important as it
enables new set of acquisition projects, product innovations, and the global
commercial introduction of Argeo Scope as business to business (B2B) digital
sales and product platform to the industry. Together, these elements create
significant revenue potential for Argeo in the years to come. Prefunding and
late sales will be reported on a quarterly basis. Staatsolie and Argeo will
jointly market and develop the project over the contract terms. Additionally,
Argeo has secured licence to operate and to include proprietary contract
services directly to clients in Suriname.

For more information, please contact:

Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Odd Erik Rudshaug, CFO Argeo ASA, on 4 November
2024 at 08:00 CEST.


About Argeo ASA 

Argeo is a comprehensive subsea service provider, operating across three major
sectors: Oil & Gas, Marine Minerals, and Renewables. The Company offers a unique
package that integrates robust vessels, state-of-the-art autonomous underwater
vehicles (AUVs), advanced sensors, digital imaging technology, and an intuitive
digital platform designed to collect and visualize complex data. 

With their own vessels and high-performance AUVs, Argeo delivers fast and
flexible full-lifecycle services, including survey, inspection, maintenance, and
repair, aimed at improving efficiency and reducing the carbon footprint for
global, industry-leading clients. 

Founded in 2020, Argeo has established offices in Asker (Oslo), Edinburgh,
Houston, and Rio de Janeiro. 

The Company is listed on Euronext Oslo Børs under the ticker: ARGEO. Please
visit www.argeo.no for more information.

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