Argeo’s third quarter revenue increased by 658%: Strong growth and Backlog of NOK 240 million for Q4 2023 – Q2 2024

Nov 16, 2023 | News

Asker, 16.11.2023 “We have put a busy growth quarter behind us, with a 658% increase in revenue, from NOK 6.5 million in Q3 22’ to NOK 49.3 million in Q3 2023. The company continues its trajectory of expansion and growth, demonstrating strategic validation and continued commitment to innovation”, says CEO of Argeo, Trond F. Crantz.

The major highlight of the quarter is the completion of both the Marine Minerals project for the Norwegian Petroleum Directorate and at the same time completing its first Offshore Wind project for Stromar. We see an acceleration in service demand for the Marine Mineral market and the successful win of the NCPOR tender establishes Argeo as global provider. Throughout the quarter Argeo established a strategic alliance with global leader Shearwater, and the purchase of a new subsea vessel Argeo Venture. Finally rounding of the quarter with the purchased the first of two Hugin Superiors and a further Hugin 6000 AUV on order for 2025. Delivery plan is Q4-2023, Q1-2024 and Q1-2025.

Argeo is fully financed after a private placement of NOK 250 million. This will fuel the company’s growth plans along its three Markets; Oil & Gas, Marine Minerals and the Renewables sector.

Subsequent to the quarter Argeo has confirmed contracts worth over NOK 216 million, with oil and gas supermajor Shell and India’s National Centre for Polar and Ocean Research, resulting in a NOK 240 million Backlog from Q4-2023 to Q2-2024. Argeo Venture was taken delivery of 7 November, and successfully converted Argeo Searcher in the same period. Finally securing a bank loan and credit facility of NOK 131 million and equipment leasing of NOK 275 million.

“The substantial revenue growth, strategic alliance, and successful contract completions are a testament to the dedication and expertise of the Argeo team. As we navigate this industry, we remain optimistic about the future, fuelled by our commitment to innovation, strong partnerships, and a solid financial foundation, as well as strong, underlying growth in all three focus markets. Argeo is well-positioned for sustained success, and we look forward to unlocking new opportunities and creating value for our shareholders”, says Crantz.

Q3 Highlights

  • Strong revenue growth – up 658% from NOK 6.5 million in Q3 22’ to NOK 49.3 million in Q3 23’
  • NOK 55 million contract with O&G supermajor Shell
  • NOK 154 million contract award from India’s National Centre for Polar and Ocean Research (NCPOR)
  • Good backlog of NOK 240 million
  • Increasing tender volume of ~ NOK 1000 million
  • Strategic alliance with Shearwater, and purchase of new vessel
  • Completion of deep-sea survey contract with Norwegian Petroleum Directorate
  • Completion of offshore wind contract with Stromar
  • Two new patents granted for electromagnetic methods
  • Subsequent offering with gross proceeds of approx. NOK 7.3 million
  • Purchase agreement for two Hugin Superior and one Hugin 6000 AUV’s

Subsequent events

  • First Hugin Superior AUV delivered and entered into a leasing agreement with CSI
  • Conversion of vessel Argeo Searcher completed medio November
  • Delivery of vessel Argeo Venture 7 November
  • Private placement with gross receipts of NOK 250 million
  • Secured bank loan and credit facility of NOK 131 million
  • Secured equipment leasing agreement of NOK 275 million



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