Argeo AS: Backlog of NOK 550 million and high project performance

Argeo AS: Backlog of NOK 550 million and high project performance

Issuer

Argeo AS

ASKER 22.01.2024 Offshore service company Argeo, has today published a vessel
schedule enclosed to this release, providing a brief company project and backlog
update currently running at NOK 550 million.

Update on backlog - in reference to earlier press releases Argeo's backlog for
2024 now totals NOK ~550 million with a further sales and revenue potential of
additional NOK 200 million for Argeo Searcher in H2-2024.

Vessel schedule and project status

Argeo Searcher has completed the Shell job in Nigeria in record time and with
high performance. The vessel exited Nigeria 20.01 and will move on to mobilize
in the Indian Ocean to commence the NCPOR project. We expect the NCPOR project
to be completed in late Q2-2024. We have several strong tender leads for
Searcher in H2-2024 and see a further increase in backlog and revenues for the
vessel in H2.

Argeo Venture is finalizing reactivation task outside Bergen in Norway and will
commence rigging our second Hugin Superior for an international Oil Company.
Argeo Venture will mobilize on this contract mid-March, we expect to complete
the work late Q4-2024.

For projects secured late 2023 and early 2024 we have an estimated EBITDA margin
between 35-40%

Project update

November 11th, 2023, Argeo announced that they had confirmed a NOK 55 million
contract with Shell- SNEPCo for deep water inspection services in the Bonga
field and its subsea assets (pipelines, infrastructure, and flowline systems) in
addition to geophysical surveys of nearby areas. The project was later
increased, and commencement in-field started late December 2023.

Additionally, Argeo announced November 13th that they had been awarded a NOK 154
million contract with India's National Centre for Polar and Ocean Research
NCPOR.

For more information, please contact:

Trond Figenschou Crantz, CEO
Email: [email protected]
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, Edinburgh, Houston, Rio de Janeiro,
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

Backlog Argeo