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. Argeo’s full year revenues increased by 430% improving from USD 10.1 million in 2023 to USD 53.5 million in 2024.
“2024 has been a year of significant growth for Argeo. We expanded our market presence, launched innovative products, and strengthened key client relationships. Strong strategic decisions and an extended service portfolio drove substantial revenue growth and customer acquisition. Our expansion into new markets has reinforced our position as a rising industry challenger. Looking ahead, we remain committed to innovation, operational excellence, and delivering value to our customers and stakeholders,” says Trond Figenschou Crantz, CEO of Argeo. “While Q4 results were below expectations, Argeo achieved solid full-year growth, with key financial metrics trending positively.”
Key Q4 2024 and full year financial highlights include: All amounts in USD million (Q4 2023 in brackets)
Revenue: 5.4 (1.0)
EBITDA: -5.7 (-2.2)
EBIT: -7.9 (-6.4)
Net profit (Loss): -8.5 (-9.4)
Total expected backlog: USD 190 million
2024 revenue: 53.5 (10.1)
2024 EBITDA: 6.8 (6.3)
2024 Net profit (loss): -6.9 (-16.9)
Key developments (Company highlights)
In the fourth quarter Argeo was awarded a 5-year Site Investigation frame agreement with Total Energies, and 8-year multiclient agreement with Staatsolie of Suriname. Subsequent to the quarter, Argeo in first position after a tender competition for ROV & AUV Support Vessel (RSV) contract for a total of four years in South America. Site Investigations (SI) encompass a seamlessly integrated portfolio of geophysical (AUV) and geotechnical (GT) work scopes. Insourcing this capability is a strategic move for Argeo, driven by increasing client demand. “By integrating this service into our global SI offerings, we enhance efficiency, deliver greater value, and strengthen our market position,” says Crantz.
Backlog
Firm backlog of USD14m per year-end 2024 for Q1 2025 production and USD176m of additional expected contracts currently in negotiations (including 4-year contract) giving a total backlog of USD190m. Total tender volume currently stands at USD 160m. USD 4m in remaining backlog for NCPOR is differed until later in 2025 as addon to potential new work in the region.
Outlook
The deep-water market remains robust, with high activity levels in West Africa and South America, presenting significant growth opportunities for Argeo. With its expanded service offering, Argeo is well positioned to capitalize on the growing demand for advanced subsea services and strengthen its market presence.
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
