Revenue for Q4 amounted to USD 5.4 million, marking an increase of 440%
year-over-year (YoY). EBITDA amounted to USD -5.7 million, alongside an EBIT of
USD -7.9 million. Net profit for the quarter was USD -8.5 million, improving
from USD -9.4 million in Q4 2023. Argeo's full year revenues increased by 430%
improving from USD 10.1 million in 2023 to USD 53.5 million in 2024. 

"2024 has been a year of significant growth for Argeo. We expanded our market
presence, launched innovative products, and strengthened key client
relationships. Strong strategic decisions and an extended service portfolio
drove substantial revenue growth and customer acquisition. Our expansion into
new markets has reinforced our position as a rising industry challenger. Looking
ahead, we remain committed to innovation, operational excellence, and delivering
value to our customers and stakeholders," says Trond Figenschou Crantz, CEO of
Argeo. "While Q4 results were below expectations, Argeo achieved solid full-year
growth, with key financial metrics trending positively." 

Key Q4 2024 and full year financial highlights include:
All amounts in USD million (Q4 2023 in brackets)
Revenue: 5.4 (1.0)
EBITDA: -5.7 (-2.2)
EBIT: -7.9 (-6.4)
Net profit (Loss): -8.5 (-9.4)
Total expected backlog: USD 190 million 

2024 revenue: 53.5 (10.1)
2024 EBITDA: 6.8 (6.3)
2024 Net profit (loss): -6.9 (-16.9)

Key developments (Company highlights)
In the fourth quarter Argeo was awarded a 5-year Site Investigation frame
agreement with Total Energies, and 8-year multiclient agreement with Staatsolie
of Suriname. Subsequent to the quarter, Argeo in first position after a tender
competition for ROV & AUV Support Vessel (RSV) contract for a total of four
years in South America. Site Investigations (SI) encompass a seamlessly
integrated portfolio of geophysical (AUV) and geotechnical (GT) work scopes.
Insourcing this capability is a strategic move for Argeo, driven by increasing
client demand. "By integrating this service into our global SI offerings, we
enhance efficiency, deliver greater value, and strengthen our market position,"
says Crantz. 

Backlog 
Firm backlog of USD14m per year-end 2024 for Q1 2025 production and USD176m of
additional expected contracts currently in negotiations (including 4-year
contract) giving a total backlog of USD190m. Total tender volume currently
stands at USD 160m. USD 4m in remaining backlog for NCPOR is differed until
later in 2025 as addon to potential new work in the region.

Outlook
The deep-water market remains robust, with high activity levels in West Africa
and South America, presenting significant growth opportunities for Argeo. With
its expanded service offering, Argeo is well positioned to capitalize on the
growing demand for advanced subsea services and strengthen its market presence.

For more information, please contact:
Trond Figenschou Crantz, CEO
Email: [email protected]
Phone: +47 976 37 273

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.  

Founded in 2020, 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.