Argeo confirms contract extension to March 2024 for Hugin 6000 AUV

Apr 25, 2023 | News

In reference to the company’s earlier announcement made on the 24th of March 2022 “Argeo AS – Argeo signs 12-month project for newly purchased Hugin 6000 …” Argeo now confirms contract extension.

The project, which started 1st of September 2022 with a minimum guaranteed duration of 6-months and a 6-month extension, has now been extended to 1st of March 2024. The initial contract value of the extension is minimum 2 MUSD, subject to some increase with utilization added.

– We are pleased to announce the extension of the project as it confirms the attractivity and functionality of the AUV systems, says Argeo’s CEO, Trond Crantz.

The complete Hugin 6000 AUV system includes a full Launch and Recovery System container (LARS) and an Operating System container (OPS) which can be strategically placed in Argeo’s main Geomarkets for rapid deployment serving the company’s global customers with state-of-the-art technology and data.

The AUV enables 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

Argeo delivers strong financial results in the first quarter

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...