Argeo delivers strong financial results in the first quarter

May 23, 2024 | News

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 USD 10 million in Q1 revenue was produced in revenues from a backlog of 64 million at the start of the quarter. Backlog coverage for Argeo Venture is 100% and for Argeo Searcher the current coverage is 67% for 2024. Available days for Searcher is 120 (end Q3 and full Q4 2024).

“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 and good potential for continued growth for the rest of 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 continued growth in our three markets”, says Crantz.

Q1 – Financial Highlights

  • USD 9.5 million in revenue, + 288% YoY
  • USD 2.9 million in EBITDA, + 415% YoY
  • USD 2.0 million in Net Profit, + 238% YoY
  • USD 54 million remaining backlog for the year

Q1 – Main events

  • Argeo Searcher completed Shell Bonga asset inspection program
  • Argeo signed NCPOR USD 14 million contract
  • Argeo Searcher started NCPOR marine minerals (MM) program
  • Argeo awarded TotalEnergies Namibia USD 39 million contract
  • Argeo Venture completed reactivation and upgrade program
  • Argeo secured another Hugin Superior AUV for Argeo Venture

Subsequent events

  • Woodside Calypso contract for Argeo Searcher