Asker, 23 May 2024: 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