Argeo: Update on financial situation – initiating process to file for bankruptcy

04 Jul 2025 17:30 CEST

Asker, 4 July 2025 at 17:30 CEST: Argeo ASA (the “Company” or “Argeo”) is
currently experiencing a challenging financial position, with limited liquidity
and limited resources to satisfy its short-term and long-term obligations, due
to a difficult market situation and the lack of necessary contracts to generate
stable revenue. Despite several active tenders and direct negotiations, Argeo
does not currently have any work secured for its vessels and AUVs until the
potential 4-year contract in South America commencing in 2H26.

Since Argeo completed the NOK 150 million private placement in February 2025,
the Company has secured less work and revenues than expected. This has resulted
in Argeo using up its cash reserves and requiring additional funding. In order
to improve the Company’s operational stability and strengthen its ability to
meet ongoing commitments, several processes to raise capital have been
initiated, including potential equity financing, debt financing, disposal of
assets and other strategic partnerships or instruments aimed at strengthening
the Company’s financial base and bridging the liquidity gap until new revenues
are realized.

Despite relentless efforts, including the support of capital market advisors as
well as engaging in direct discussions with potential investors, the Company has
unfortunately not been successful in attracting equity or other funding deemed
necessary by the board for supporting a decision to continue its operations.

Therefore, the Company earlier today requested Euronext Oslo Børs to suspend the
trading of its shares, and the board has this afternoon come to the unfortunate
conclusion that there is no longer a realistic opportunity for the Company to
achieve a viable financing solution. The board sees no other alternative than to
initiate a process whereby the Company will file for bankruptcy.

The Company will provide further information in due time.

For more information, please contact:
Jan Grimnes, Chairman
Email: Jan.grimnes@redback.no
Phone: +47 982 30 332

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. 

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 considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading
Act. This stock exchange notice was published by Odd Erik Rudshaug, Chief
Financial Officer, at Argeo ASA on the date and time provided.

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