Agreement with Statens Vegvesen for AUV work with a contract value of NOK 8,5 million

Mar 29, 2022 | News, Uncategorized

Illustration: RedAnt / Statens vegvesen

ASKER, 29 March 2022:

Argeo confirms that an agreement comprising of AUV (Autonomous Underwater Vehicles) work for Statens Vegvesen (Norwegian Public Roads Administration) on the Bjørnafjorden E36 crossing has been agreed. The contract value is 8.5 MNOK and commences in March 2022 for 2-3 weeks.

The Bjørnafjorden crossing is the world’s longest floating bridge project. Argeo will contribute to its success through the Company’s highly advanced AUV’s and proven experience in Ocean Space construction and engineering by imaging and modelling the sub-surface anchoring areas selected for the floating bridge. The project is scheduled to commence in March 2022 for a duration of 2-3 weeks. Argeo will be utilizing one of its SeaRaptor 6000 AUV’s for data acquisition in combination with the Company’s proven data processing and modelling software to deliver actionable results for this exceptional project.

– We are very pleased that Statens Vegvesen selected Argeo for this important phase of the project as it confirms Argeo’s excellence and skills for a customer that understand the company and our service quality, says Argeo CEO, Trond Crantz.

This project further exemplifies the need for AUV’s in our Engineering and Construction market segments, where Argeo is contributing to improved infrastructure connectivity for the E39 Hordfast. The Bjørnafjorden crossing is in a challenging area and geology requiring deep-water AUV’s for seabed mapping. –

Argeo has delivered advanced Ocean Space Engineering and Construction services since the inception of the company in 2018 and it’s great to see this market segment’s continued trust in the company and our services, says Crantz. Argeo currently own four high specification AUV’s. The AUV is modular and very mobile with supporting systems which can be strategically placed in Argeo’s main Geomarkets for rapid deployment serving their global customers with state-of-the-art technology and data. All data collected is processed onboard the AUV using onboard-postprocessing and mosaicking software to allow quick turnaround during missions and improved decision making for the customer.

The AUV enable deep-sea surveys to the benefit of marine industries including Installations & Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals.


Argeo delivers strong financial results in the first quarter

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Argeo achieved record growth in revenue, with an increase of 288% YoY to USD 9.5 million and an EBITDA of 2.9 million, an increase of +415% YoY. Net profit was USD 2.0 million, an increase of 238% YoY. The remaining backlog for 2024 now totals USD 54 million, whereas...