Half-year operational update

Jul 3, 2024 | News

Below are highlights from our half-year operational update from Argeo. You can download the full update presentation here: Download Full Operational Update (PDF)

Argeo Searcher

  • Vessel Inspection: Completed intermediate planned vessel inspection in Durban
  • Docking & Transit: Vessel docked out on June 26 and started transit to Trinidad & Tobago 27 June
  • Crew Change: Planned crew change in Cape Town 2 July
  • Arrival: Estimated arrival in Trinidad & Tobago medio-July
  • Project Milestone: The Searcher will complete the Calypso project end-August

Argeo Venture

  • Current Project: TotalEnergies, Namibia Venus project
  • Performance: Very good
  • Production Status: Ahead of schedule
  • Completion Target: Maintaining earlier completion target end-of-2024

Hugin 6000/Ocean Guardian

  • Mobilization & commencement: Completed mobilization for RWE and commencing production
  • Project: Canopy Floating offshore wind project
  • Current Phase: First phase of site investigations
  • Duration: 40 days firm + 30 optional days
  • Optional Days: Good likelihood of optional days taken
Fourth-quarter and unaudited full-year 2024 results

Fourth-quarter and unaudited full-year 2024 results

Revenue for Q4 amounted to USD 5.4 million, marking an increase of 440% year-over-year (YoY). EBITDA amounted to USD -5.7 million, alongside an EBIT of USD -7.9 million. Net profit for the quarter was USD -8.5 million, improving from USD -9.4 million in Q4 2023....