Argeo’s backlog increases 1500% YoY to 550m and up 130% from Q3 2023: Substantial contract awards, operational milestones, successful private placements and strong backlog for 2024

Feb 23, 2024 | News

Asker, 23.02.2024: Our revenue continues to develop YoY, but reduced from Q3 due to extended yard stay for Argeo Searcher in preparation for coming projects. “Our goal is to retain the competitive advantage of being a technology leader within subsea services. Looking ahead, we are optimistic about the future, with a strong contract backlog at the start of the year and good potential for continued growth for 2024 and following years”, says Trond Crantz, CEO of Argeo.

Argeo is actively participating in tendering processes, as well as engaging in business development discussions with local companies globally across its three markets; Oil&Gas, Marine Minerals and Offshore Wind.

“The recent contracts awards and backlog affirm Argeo’s technology position, and we expect strong growth in our three markets. We look forward to creating value for our shareholders and continue with our strong momentum and position in fuelling growth”, says Crantz.

The global energy transition is fuelling the growth for new value chains, such as batteries, wind-power, solar-power and electrical infrastructure. Developing these value chains are likely to require a significantly higher supply of minerals, and Argeo is happy to see Norway taking on a globally leading position in fuelling the development of marine minerals exploration.

Q4 Highlights
• Revenue NOK 29.0 million in Q4 23’, down 41% from Q3, and up 169% YoY.
• Backlog of NOK 550 million secured for 2024
• Awarded NOK 55 million Subsea Inspection Contract with Shell SNEPCo on Bonga field in Nigeria
• Successful startup for Argeo Searcher for the Bonga field
• First Hugin Superior AUV, delivered and entered into a leasing agreement
• Conversion of vessel Argeo Searcher completed late November
• Delivery of vessel Argeo Venture 7 November
• Private placement with gross proceeds of NOK 250 million completed
• Secured equipment leasing agreement of NOK 275 million

Subsequent events
• Conditional letter of award with an International Energy company for a project with expected duration of 9 months
• Contemplating Sale and Leaseback arrangement for vessel Argeo Venture
• Agreed delivery of second Hugin Superior for Argeo Venture

Watch the Q4 Webcast 



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