Asker, 09.11.2023 In reference to announcement 02 October 2023 "Argeo has in
principle agreed work for a Supermajor O&G company" we are pleased to announce
signing of the contract over the Bonga field subsea assets work program for
SNEPCo - Shell Nigerian Exploration and Product Company and local content
partner GOSL. The contract has options to extend.
The first work program comprises of deep-water inspection services over in the
Bonga field and its subsea assets (pipelines, infrastructure, and flowline
systems) in addition to geophysical surveys of nearby areas. Today, nearly
one-third of Nigeria's deep-water production comes from the Bonga and Erha
fields. Shell Nigeria Exploration and Production Company Limited (SNEPCo, Shell
interest 100%) pioneered deep-water oil and gas production from the Bonga field
in the Gulf of Guinea where depths reach more than 1,000 metres.
GOSL is an indigenous company incorporated in Nigeria where the most important
aim is to provide local content support in the Nigerian Oil and Gas community by
employing, promoting, and encouraging local content ingredients for projects.
Argeo will be deploying its recently acquired Hugin Superior AUV, along with
their upgraded subsea vessel, the Argeo Searcher. Additionally, the agreement
includes an option for contract extension with additional work scopes and values
to be confirmed later. The project will commence in Q4-2023. More and detailed
information will be provided by the company in its Q3-presentation 16/11-2023.
Work package #1
The data acquired from this survey will be used to monitor the integrity of the
subsea infrastructure and assess nearly 180 km of various pipelines in the
field. The primary data acquisition tools/payloads required include Synthetic
Aperture Sonar (SAS), sub-bottom profiler, Argeo LISTEN contactless cathodic
protection measurements, pictures of specific locations and multi-beam
bathymetry. To optimize data quality and positioning accuracy, SNEPCo requires
that the data be acquired from an Autonomous Underwater Vehicle (AUV).
Possible extensions
Additional Scope of Work and increasing contract value will be handled through
change-work-orders (CWO) and reported successively if called off by client. The
extensions can comprise of up to 4-8 weeks of additional work in the area
subject to Argeo approved work assessment and availability.
"We are very satisfied to have been chosen by Shell / SNEPCo and GOSL for this
significant project" stated Argeo CEO, Trond Crantz. "This contract not only
affirms our capability to provide top-tier deep-water services but also
highlights our strong presence within the industry", Crantz continues.
Argeo's fleet of AUV's are equipped with state-of-the-art sensors, including
integrated Electro-Magnetic sensor technology, with Argeo LISTEN serving as a
vital component of the project's scope of work.
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
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, 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 The Euronext Growth in Oslo under the ticker: ARGEO.
Please visit www.argeo.no for more information.