Asker, 22 May 2024
Please find attached Argeo's Annual Report for 2023.
Argeo has now implemented International Financial Reporting Standards ("IFRS")
as adopted by the European Union (EU) in its 2023 annual consolidated financial
statement, which has resulted in changes in revenue and cost. This includes
timing differences for the contract with Shell in Nigeria. USD 2 million in
revenue and USD 1.1 million in cost have been moved from Q4 2023 to Q1 2024. In
addition, two AUV's which are currently in lay-up and not in operational use
have been written down with USD 2.7 million.
As a result of the changes, net result for 2023 has been adjusted from minus USD
10.3 million to minus USD 16.9 million. The changes have no cash effect.
Argeo has also changed its reporting currency from NOK to USD.
For further information: Trond Figenschou Crantz, CEO, trond.crantz@argeo.no ,
+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, Houston, 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 Euronext Growth Oslo
under the ticker: ARGEO. Please visit www.argeo.no for more information.
The company is listed on The Euronext Growth in Oslo under the ticker: ARGEO.
Please visit www.argeo.no for more information.