Asker, 09.04.2024 Argeo Venture has completed its conversion upgrade in Norway
and started the transit April 7th towards West-Africa for a project with
international energy company TotalEnergies. The project is progressing according
to plan and both the 90-meter-long vessel and the Hugin Superior AUV has
completed its sea trials and is currently in transit.

The project has been split and finalized in two phases. Phase one for the
reactivation and major steel work carried out at Halsnøy Yard and phase two the
installation of the subsea crane and final commissioning at Fjelstrand Yard. 

Some of the upgrades comprises of: 
o 50t Active Heave Compensated subsea crane installed and commissioned with all
required certification
o Dynamic Positioning (DPII) system upgraded and certified to IMCA Standards
o Removal of old seismic hangar to cater for 350 m2 free deck space
o 6 x 1800 KW Wartsila 9L20diesel electric generators fully overhaled
o 2 x Schottl of 3100 KW each fully overhaled and recommissioned
o 2x Brunwoll thruster of 850 KW and 1200 KW fully overhaled and recommissioned
o Bridge electronics and equipment fully overhaled and recertified to latest IMO
o AUV launch and recovery system in place
o Argeo's new Hugin Superior AUV
o New onboard data processing system installed
o Dedicated client rooms for interpretation
o Back deck preparation for mounting geotechnical equipment

"First off all I would like to congratulate the entire team at Halsnøy and
Fjelstrand yard and Argeo for a very well executed conversion and upgrade
project. Argeo Venture represents a significant leap forward in our capability
to serve our clients and deliver value in the offshore energy sector and is now
fitted with enhanced equipment, advanced technology, and dedicated spaces for
client interpretation, we're poised to provide unparalleled support for projects
like the one with Total Energies in West Africa. These upgrades underscore our
commitment to innovation and excellence, ensuring that Argeo continues to lead
the way in subsea services and customer satisfaction."

The project ahead will provide deep- water services for international energy
company TotalEnergies and will occupy the vessel for the remainder of 2024.
"This contract affirms our capability to provide top tier deepwater services and
highlights our strong presence within the industry," said Trond Figenschou
Crantz, Argeo's CEO.

For images and video from Argeo Venture follow the link:

For more information, please contact:

Trond Figenschou Crantz, CEO
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. 
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