Argeo has completed the Mid-Atlantic massive sulphides exploration project for Republic of Poland

Jun 14, 2023 | News

Asker, 14.06.2023: Argeo has completed its multi-sensor data acquisition with AUV for the Polish Geological Institute – National Research Institute (PGI-NRI) at the Mid-Atlantic Ridge, announced 17 February 2023.

Under the contract Argeo has performed high-resolution near-seafloor geophysical- and environmental data acquisition for deep-sea massive sulphides exploration project in the Polish contract area under the provisions and scope of the Government of Poland Contract with the International Seabed Authority (ISA). The project was entrusted to PGI-NRI by the Ministry of Climate and Environment as a part of the implementation of the National Raw Materials Policy.

“We are pleased to announce that the marine minerals acquisition project for PGI-NRI has been completed and Argeo Searcher is already enroute to start our next project on the Northern Mid-Atlantic Ridge (Knipovich Ridge) for Norwegian Petroleum Directorate (NPD)”, says Trond Crantz, CEO in Argeo.

Another important milestone in Argeo’s technical and commercial development was reached by fully utilizing our unique digital platform Argeo SCOPE for the entire down -and upstream flow of data between Argeo Searcher, Argeo’s and PGI-NRI onshore teams for this project. This included all dataflow and joint decision management, visualization, and general project management.

For the project Argeo utilized its vessel Argeo Searcher with its dual-AUV setup equipped with state-of-the-art sensors, including integrated Electro-Magnetic (EM) sensor technology, delivering valuable high-quality data with applications across the Marine Minerals value chain – from environmental impact assessment and early exploration to resource assessment and extraction monitoring.

“We are very pleased with the successful completion of the work, especially under such challenging conditions. The scope and quality of the geophysical and environmental data is a major step forward in fulfilling our commitments, and the results will contribute to the benefit of the deep-sea community. Our next steps will be a further detailed exploration of prospective areas and environmental studies to define and preserve biologically valuable areas”, says Mateusz Damrat, Director of PGI-NRI.


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...