Argeo Q3: Continued growth and a proven strategy deliver strong results across all key financial figures

Asker, 21 November 2024: Argeo ASA sustains its continued momentum in thethirdquarter, driven by solid project performance, coupled with strong operationalutilization and the uplisting to the Oslo Stock Exchange.

Revenue improved to USD 23 million, marking an increase of 336% year-over-year(YoY). EBITDA rose to USD 5.4 million, alongside an improved EBIT of USD 2.7million. Net profit for the quarter was USD 0.5 million, improving from USD-3.5million in Q3 2023. The remaining backlog is USD 23 million.

"Q3 was another strong quarter for Argeo. We deliver improvements across allkeyfinancial metrics, with solid top-line growth while maintaining profitability.Simultaneously, we continue to deliver high operational quality, stayingfirmlyaligned with our strategic goals," says Trond Figenschou Crantz, CEO of Argeo.

Key Q3 2024 financial highlights include: (amounts in USD million)o Revenue: 23.0 (336% increase from 5.3 in Q3 2023)o EBITDA: 5.4 (improvement of 7 from -1.6 in Q3 2023) o EBIT: 2.7 (improvement of 5.5 from -2.8 in Q3 2023)o Net profit: 0.5 (improvement of 4 from -3.5 in Q3 2023)o Remaining Backlog (per 30 September 2024): USD 23 million

Q3 highlightso Completed RWE projecto Completed Woodside projecto Completed AUV-scope in Namibia

Subsequent eventso Argeo enters 8-year Multi Client agreement with National Energy CompanyStaatsolie in Surinameo Argeo announces a $13M deal in strategic equipment optimization o Argeo Successfully Uplisted to Euronext Oslo Stock Exchange

For more information, please contact:Trond Figenschou Crantz, CEOEmail: trond.crantz@argeo.noPhone: +47 976 37 273

About ArgeoArgeo ASA is an Offshore Service company with a mission to transform the oceansurveying and inspection industry by utilizing autonomous surface andunderwaterrobotics solutions. Equipped with unique sensors and advanced digital imagingtechnology, the Autonomous Underwater Vehicles (AUV's) will significantlyincrease efficiency and imaging quality in addition to contributing tosignificant reduction in CO2 emissions from operations for the global industryin which the Company operates.

The Company's highly accurate digital models and digital twin solutions arebased on geophysical, hydrographic, and geological methods from shallow watersto the deepest oceans for the market segments Oil & Gas, Renewables, MarineMinerals and Offshore Installations. Argeo was established in 2017 and hasoffices in Asker (Oslo), Tromsø, Stockholm, Houston, and Singapore. Since itsincorporation, Argeo has carried out complex projects for some of Norway'slargest companies in the field. The company is listed on Oslo Stock Exchangeunder the ticker: ARGEO.

Please visit www.argeo.no for more information.

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