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
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...