Asker, 21 November 2024: Argeo ASA sustains its continued momentum in the third quarter, driven by solid project performance, coupled with strong operational utilization and the uplisting to the Oslo Stock Exchange.
Revenue improved to USD 23 million, marking an increase of 336% year-over-year (YoY). EBITDA rose to USD 5.4 million, alongside an improved EBIT of USD 2.7 million. Net profit for the quarter was USD 0.5 million, improving from USD -3.5 million in Q3 2023. The remaining backlog is USD 23 million.
“Q3 was another strong quarter for Argeo. We deliver improvements across all key financial metrics, with solid top-line growth while maintaining profitability. Simultaneously, we continue to deliver high operational quality, staying firmly aligned with our strategic goals,” says Trond Figenschou Crantz, CEO of Argeo.
Key Q3 2024 financial highlights include: (amounts in USD million)
• Revenue: 23.0 (336% increase from 5.3 in Q3 2023)
• EBITDA: 5.4 (improvement of 7 from -1.6 in Q3 2023)
• EBIT: 2.7 (improvement of 5.5 from -2.8 in Q3 2023)
• Net profit: 0.5 (improvement of 4 from –3.5 in Q3 2023)
• Remaining Backlog (per 30 September 2024): USD 23 million
Q3 highlights
• Completed RWE project
• Completed Woodside project
• Completed AUV-scope in Namibia
Subsequent events
• Argeo enters 8-year Multi Client agreement with National Energy Company Staatsolie in Suriname
• Argeo announces a $13M deal in strategic equipment optimization
• Argeo Successfully Uplisted to Euronext Oslo Stock Exchange
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
