Asker, 23.1.2024: On 3 November 2023, an extraordinary general meeting of Argeo
AS (the "Company") authorized the board of directors of the Company (the
"Board") to issue up to 9,631,991 share options as a part of a new long-term
incentive plan. 

A total number of 7,750,000 share options have been granted under the new
incentive plan, and such options will vest 1/3 each year over a total vesting
period of 3 years. 

Each option will, when exercised, give the right to receive one share in the
Company at a fixed strike price of NOK 3.20.  Options granted under the share
option program will expire five years after grant date.

The following number of share options were granted to primary insiders in Argeo
AS, which is also each person's total holdings of share options following this
option grant:

- Trond Crantz - CEO: 1,500,000 
- Odd Erik Rudshaug - CFO: 750,000
- Thorbjørn Rekdal - CTO: 750,000
- Kenneth Gundersen - Group Financial Controller: 80,000
- Elisabeth Andenæs - Marketing Manager: 80,000
- Jan Grimnes - Chairman of the Board: 125,000
- Geir Kaasen - Board member: 125,000
- Jim Dåtland - Board member: 125,000
- Heidi Gryteland Holm - Board member: 125,000
- Kistefos AS - represented on the Board: 125,000
- Shearwater Geoservices Holding AS - represented on the Board: 125,000

 
This grant replaces the 555,000 outstanding share options from the grant in
December 2021. Following such option grant, a total of 7,890,000 share options
are now outstanding, equal to 4.1% of the total shares issued in the Company.
Out of these, 140,000 options have vested.

This option grant furthermore replaces 36,000 of the "Tranche 1" warrants, and
2,581,063 of the "Tranche 2" warrants. Outstanding "Tranche 1" warrants are now
50,000, exercisable at NOK 0.83 per share.  Remaining "Tranche 2" warrants are
1,168,937, exercisable at NOK 0.10 given a share market price above NOK 24.60
within April 2025.  

Please see the attached notifications of trade for further details regarding the
above primary insider transactions.

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 utilizing 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, Edinburgh, Houston, Rio de Janeiro,
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 The Euronext Growth in Oslo under the ticker: ARGEO. 

Please visit www.argeo.no for more information.