Argeo : Presentation Q1-2024

ARGEO Q1 PRESENTATION

23 May, 2024

TROND FIGENSCHOU CRANTZ, CEO ARGEO ODD ERIK RUDSHAUG, CFO ARGEO

Disclaimer

About this Presentation

By reading this presentation, any document, instrument or transmittal made available in connection herewith, or attending any meeting or oral presentation held in relation thereto (the "Presentation"), you (the "Recipient") agree to be bound by the following terms, conditions, qualifications and limitations. The Presentation has been produced by ARGEO AS (the "Company") solely for informational purposes, concerning only the subject matter herein, and does neither constitute, form part of, nor should it be construed as, an offer to sell or a solicitation or recommendation of an offer to subscribe for or buy, any securities of the Company in any jurisdiction. In relation to any offers comprising securities in the Company, prospective investors are required to read all offering materials and other relevant documentation released in relation thereto for a description of the terms and conditions thereof.

Due Diligence and Conflict of Interest

The Presentation has been prepared without any preceding external due diligence investigations being undertaken in relation to it or the Company, and the Recipient acknowledges and accepts the risks associated with this fact. The Recipient will be required to conduct its own analysis, and acknowledges and accepts that it is solely responsible for its own assessment of the Company, the general market, the market position of the Company, the Company's funding position, and the potential future performance of the Company's business and securities. The Recipient acknowledges that one or more of the Representatives may hold shares, options or other securities of the Company.

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otherwise) arising directly or indirectly from the use of the Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in the Presentation. The Company has not authorized any other person to provide investors with any other information related to the Presentation, and the Company neither has nor assumes any responsibility for any information that other persons may provide.

Risk Factors and No Investment Advice

An investment in the Company involves significant risk, and several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. The Recipient should carefully review relevant risk factors in investor materials made available for a description of certain of the risk factors that may apply to an investment in the Company's securities. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. Nothing in the Presentation shall be construed as financial, legal, business, investment, tax or other professional advice, and the Recipient should consult with its own professional advisers for any such matter and advice.

No Updates

The Presentation only speaks as of the date(s) set out herein, and neither the delivery hereof nor any further communication between the Company or any Representatives and the Recipient shall under any circumstances, create any implication that there has been no change in the affairs of the Company since such date(s). The Company assumes no obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

Forward Looking Statements

The Presentation contains certain forward-looking statements relating to, inter alia, the business, financial performance and

results of the Company and the industry in which it operates. Forward-looking statements concern future circumstances, results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "outlook", "targets", and similar expressions. Any forward-looking statements in the Presentation, including assumptions, opinions and views of the Company, any Representatives or cited from third-party sources, are solely opinions and forecasts, and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. Neither the Company nor any of the Representatives provides any assurance that the assumptions underlying such forward- looking statements are free from errors, nor do any of them accept any responsibility for the future accuracy of opinions expressed in the Presentation or the actual occurrence of forecasted developments.

Distribution and Selling Restrictions

The Company has not taken any actions to allow the distribution of the Presentation in any jurisdiction where action would be required for such purposes. The Presentation has not been registered with, or approved by, any public authority, stock exchange or regulated market. The distribution of this Presentation, as well as any subscription, purchase, sale or transfer of securities of the Company may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. None of the Company or any of the Representatives shall have any responsibility or liability whatsoever (in negligence, tort, contract or otherwise) arising directly or indirectly from any violations of such restrictions. The Company has not authorized any offer of securities to the public requiring publication of an offering prospectus in any member state of the European Economic Area that has implemented the EU Prospectus Directive 2003/71/EC, other than as specifically addressed in the Presentation. United Kingdom: In the event the Presentation is distributed in the United Kingdom, it shall only be directed at persons who are either "investment

professionals" for the purposes of Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on the Presentation or any of its contents. Any investment or investment activity to which the Presentation relates will be available only to Relevant Persons. United States: This Presentation does not constitute an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration or under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States, the securities described herein will be offered only to qualified institutional buyers ("QIBs") within the meaning of, and as defined in, Rule 144A under the Securities Act. Outside the United States, the securities described herein will be offered in accordance with Regulation S under the Securities Act to non-U.S. persons (as defined in Regulation S). The Recipient warrants and represents that (i) if it is located within the United States and/or is a U.S. person or in the United States, it is a QIB, (ii) if it is a resident in the United Kingdom, it is a Relevant Person.

Governing Law and Jurisdiction

This Presentation, any documents, instruments or matters relating hereto, and any disputes or claims arising out of or in connection with it, its subject matter or formation (including non-contractual disputes or claims), shall be exclusively governed, construed and interpreted in all respects in accordance with Norwegian law, without reference or giving effect to any choice or conflict of law provisions (whether of Norway or any other jurisdiction). Any dispute, controversy or claim arising out of or in connection with this Presentation, or the breach or validity hereof, shall be resolved by the ordinary courts in Norway, with Oslo as agreed and exclusive legal venue.

Agenda

Highlights

Backlog & tender status

Operational update

Technology

Financials

Outlook

Side 3

Agenda

Highlights

Introduction to Argeo Backlog & tender status Operational update Technology Financials

Outlook

Financial Highlights Q1 2024

Highlights

USD 9 467

Revenue Q1 2024

+288% YoY

A good first quarter with revenues up from 2 438 in Q1 2023 with only one spread operational in the quarter

USD 2 909

EBITDA Q1 2024

415% YoY

EBITDA up from -921 in Q1 2023

USD 1 108

EBIT Q1 2024

164% YoY

EIBIT up from -1 722 in Q1 2023

USD 1 987

Net Profit Q1 2024

238% YoY

Up from -1 445 in Q1 2023

USD 54 000

BACKLOG Q1 2024

1588% YoY

We have produced USD 10 million (9 467 revenue) out of the total backlog of USD 64 million. Remaining backlog (not completed) at the end of Q1 now totals USD 54 million

All amounts in USD 1.000

Note: Figures are in accordance with IFRS accounting principles

Highlights

Main events Q1 2024

• Argeo Searcher completed Shell Bonga asset inspection program
• Argeo signed NCPOR USD 14 million contract
• Argeo Searcher started NCPOR marine minerals (MM) program
• Argeo awarded TotalEnergies Namibia USD 39 million contract
• Argeo Venture completed reactivation and upgrade program
• Argeo secured another Hugin Superior AUV for Argeo Venture

Subsequent events

• Woodside Calypso contract for Argeo Searcher

Agenda

Highlights

Introduction to Argeo

Backlog & tender status Operational update Technology Financials

Outlook

Complete service solution

Technology supported growth focus

DIGITAL PLATFORM

ARGEO SCOPE

Decision ready data to clients during mission and project lifecycle

Argeo use novel technology protected by strong IP to provide its customers with a unique service solution in all market verticals. Sentral to the complete subsea solution is:

• Cost efficient subsea vessels
• Embedded robotics tools (AUV/ROV/USV)
• Integrated patented sensor technology
• Ship-to-Shoredigital data management platform Argeo SCOPE

DATA

DATA

USV AUV WROV

SENSOR TECHNOLOGY

ARGEO LISTEN + ARGEO WHISPER

All assets are to have

Argeo sensor technology embedded

Rapid data transfer from ship to shore via Argeo SCOPE

Argeo conducts ocean surveys & inspections using autonomous robotic solutions

Argeo uses autonomous and underwater robotics solutions, including Autonomous Underwater Vessels (AUVs) and Work-Class ROVs, to conduct ocean surveys & inspections

CLIENTS INCLUDE:

Oil & Gas companies

Inspection, Maintenance, Repair and Survey (IRMS)

Greenfield development, route survey connection with installation of FPSOs, inspection of existing pipelines, power cables and subsea infrastructure. Subsea inspection programs and general maintenance activities. Seismic support operation for Ocean Bottom Node (OBN) in cooperation with Shearwater Geo.

Offshore wind companies (OWS)

Pre-installation and route Survey (IRMS), cable burial inspection and verification

Survey of new areas prior to installation and inspection relating to building of offshore wind farms in connection with installation of offshore wind parks, installation of power cables and fibre cables and inspections of infrastructure. Multi-Client (MC) for greenfield acreage prior to concession rounds

Marine minerals companies / Geological institutions

Exploration surveys related to new licenses and Resource estimation. Environmental assessments prior and after exploration and extraction activities

More cost-efficient survey and inspection giving our clients

• Faster inspections
• Faster project turnaround
• Lower CO2 footprint
• Safer operations with lower HSE risk

Easy access to actionable data

• Rapid decision ready data to clients during mission and project lifecycle
• Intuitive visualizations of complex data

ROBUST STRATEGY

with growth in three major markets

Oil & Gas

Marine Minerals

Renewables

SURVEY	INSPECTION	MAINTENANCE	MULTI CLIENT
& REPAIR	/ DAAS