Argeo ASA: Completion of TotalEnergies Venus Namibia project

17 Mar 2025 18:00 CET

Asker, 17.03.2025: Reference is made to stock exchange announcement from Argeo
ASA ("Argeo" or the "Company") published on 2 April 2024 “Argeo announces
TotalEnergies as client for USD 39 million contract”. Argeo is pleased to
confirm completion of the Venus project in Namibia for TotalEnergies on 14 March
2025.

Argeo Venture is currently demobilizing in Walvis Bay, scheduled to be completed
23 March.

The “Venture” commenced work in Namibia on 20 May 2024 after transiting from
Norway. The project has taken somewhat longer than initially estimated due to an
unexpectedly long yard-stay and poorer weather conditions than expected. In
total, the Venture has spent close to 10 months on project, delivering over
7000-line km of AUV geophysical data and close to 200 geotechnical samples in
water depth exceeding 3000 meters.

The contract and work program reaffirm our capability to deliver top-tier
deep-water services and demonstrated our ability to execute integrated
geophysical and geotechnical projects, where the geotechnical component is
derived from geophysical data that is efficiently processed on board.

For more information, please contact:

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

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.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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