NOT FOR DISTRIBUTION, RELEASE OR REPUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S.
NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION,
RELEASE OR REPUBLICATION WOULD BE UNLAWFUL.

Asker, 19 March 2024. Reference is made to the stock exchange release from Argeo
AS ("Argeo" or the "Company") (Euronext Growth Oslo: ARGEO) published on 19
March 2024 regarding a contemplated private placement of NOK 50 million in gross
proceeds (the "Private Placement").  

The Company is pleased to announce that it has completed a private placement of
approximatley NOK 50 million in gross proceeds (the "Private Placement") with a
final subscription price of NOK 2.75 per Offer Share (as defined below). Pareto
Securities AS and SpareBank 1 Markets AS (the "Managers") are acting as joint
global coordinators and joint bookrunners in the Private Placement.

A total of 18,181,818 new shares (the "Offer Shares") have been allocated in the
Private Placement at a price per Offer share of NOK 2.75 (the "Offer Price"),
raising gross proceeds of approximately NOK 50 million. The Private Placement
attracted strong interest from new and existing investors and was substantially
over-subscribed. 

The net proceeds to the Company from the Private Placement will be used for
general corporate purposes, including working capital relating to the Company's
USD 39 million contract announced on 12 March 2024 for work offshore Africa
(hereunder opex until contract payments and contract related pre-payments to
sub-suppliers) and additional project related equipment and preparation for
project based 3'rd spread in North and South America.

The board of directors of the Company (the "Board") has today, pursuant an
authorisation granted by the extraordinary general meeting held on 15 March
2024, resolved to issue the Offer Shares. Following the issuance of Offer Shares
in the Private Placement, the Company will have a share capital of
21,108,174.20, divided into 211,081,742 shares.

Allocation to investors will be communicated 20 March 2024, and the Private
Placement is expected to be settled by the Managers on a delivery-versus-payment
("DvP") basis on or about 22 March 2024, subject to processing time with the
Norwegian Register of Business Enterprises ("NRBE") pertaining to registration
of the share capital increase (such registration to be notified in a separate
stock exchange notice on the NRBE registration date). The DvP settlement of
Offer Shares is facilitated by a pre-payment agreement entered into between the
Company and the Managers (the "Pre-Payment Agreement").

The Offer Shares are not tradable on Euronext Growth Oslo before the share
capital increase pertaining to the issuance of the Offer Shares has been
registered with the NRBE and the share capital increase pertaining has been
announced by the Company, expected on or about 21 March 2024. 

The following close associate to persons discharging managerial responsibilities
("PDMRs") have been allocated the following Offer Shares in the Private
Placement (a PDMR notification form will be published in a separate stock
exchange notice): 

-	Kistefos AS, a company closely related to board director, Lars Petter Ottem
Utseth, has been allocated 3,833,454 Offer Shares (equal to its pro-rata share)
and will following completion of the Private Placement control 44,505,291 shares
in the Company. 

Furthermore, it is the intention of the Board to pursue an uplisting to a
regulated marketplace operated by the Oslo Stock Exchange within 2024
post-completion of the Private Placement (always subject to favourable market
conditions and the satisfaction of applicable listing requirements).

Subsequent offering and equal treatment considerations
Completion of the Private Placement implies a deviation from the pre-emptive
rights of the existing shareholders of the Company under the Norwegian Private
Limited Companies Act. When resolving the issuance of the Offer Shares in the
Private Placement, the Board considered this deviation and also the equal
treatment obligations under the STA section 5-14, section 3.1 of the Euronext
Growth Rule Book Part II and Oslo Børs' Circular no. 2/2014. By structuring the
Private Placement as a private placement, with a Subsequent Offering (as defined
below), the Company was able to raise capital in an efficient manner, with a
lower discount to the current trading price and a significantly lower completion
risks compared to a rights issue and without the underwriting commissions
normally associated with such rights offerings. On this basis, the Board is of
the opinion that there are sufficient grounds to deviate from the pre-emptive
rights and that the Private Placement is in compliance with the equal treatment
requirements.

To mitigate the dilution of existing shareholders not participating in the
Private Placement, the Board has resolved to undertake a subsequent offering
(the "Subsequent Offering") of up to 11,000,000 new shares directed towards the
Company's shareholders as of close of trading 19 March 2024, as recorded in the
Norwegian Central Securities Depository (Euronext Securities Oslo) on 21 March
2024, who (i) were not included in the "wall-crossing" phase of the Private
Placement, (ii) were not allocated Offer Shares in the Private Placement and
(iii) are not resident in a jurisdiction where such offering would be unlawful
and (in jurisdictions other than Norway) would require any prospectus, filing,
registration or similar action (the "Eligible Shareholders"). The subscription
price in the Subsequent Offering will be equal to the Offer Price. The Eligible
Shareholders will receive non-transferrable subscription rights in the
Subsequent Offering. Over-subscription will be permitted for Eligible
Shareholders. Subscription without subscription rights will not be permitted in
the Subsequent Offering.

The Subsequent Offering is subject to i) the Board resolving to issue shares in
the Subsequent Offering, ii) the publication of an offering prospectus
pertaining to the Subsequent Offering and iii) the prevailing market price of
the Company's shares following the Private Placement. The Board may decide that
the Subsequent Offering will not be carried out in the event that the Company's
shares trade at or below the subscription price (i.e. the Offer Price) in the
Subsequent Offering at volumes equal to or above the number of shares in the
Subsequent Offering.

Further information regarding the Subsequent Offering will be announced in
separate stock exchange notices.

Legal advisors:

Advokatfirmaet Schjødt AS is acting as legal counsel to the Company.

For more information, please contact: 

Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no 
Phone: +47 976 37 273

About Argeo 

Argeo is an Offshore Service company with a mission to transform the ocean
surveying and inspection industry by utilising autonomous surface and underwater
robotics solutions. Equipped with unique sensors and advanced digital imaging
technology, the Autonomous Underwater Vehicles (AUV's) will significantly
increase efficiency and imaging quality in addition to contributing to
significant reduction in CO2 emissions from operations for the global industry
in which the Company operates. The Company's highly accurate digital models and
digital twin solutions are based on geophysical, hydrographic, and geological
methods from shallow waters to the deepest oceans for the market segments Oil &
Gas, Renewables, Marine Minerals and Offshore Installations. Argeo was
established in 2017 and has offices in Asker (Oslo), Tromsø, Stockholm, Houston,
and Singapore. Since its incorporation, Argeo has carried out complex projects
for some of Norway's largest companies in the field. 

The company is listed on Euronext Growth Oslo under the ticker: ARGEO.

Please visit www.argeo.no for more information.

Important notice:
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. Copies of
this announcement are not being made and may not be distributed or sent into any
jurisdiction in which such distribution would be unlawful or would require
registration or other measures.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned in this announcement will
be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation (EU) 2017/1129 as amended (together with any
applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement. 

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.
The Company does not undertake any obligation to review, update, confirm, or to
release publicly any revisions to any forward-looking statements to reflect
events that occur or circumstances that arise in relation to the content of this
announcement.
Neither the Managers nor any of their affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their affiliates accepts any liability arising from the use
of this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.