Asker, 23 July 2025 at 21:15 CEST. Reference is made to the stock exchange
notices by Argeo ASA (the "Company" or "Argeo" and together with its
subsidiaries, the "Group") regarding the Group's critical financial situation
and the board's resolution to postpone its filing for bankruptcy following
indications of interest received from various parties.

The various processes have not resulted in any concrete offers that would secure
sufficient funding. The board has therefore resolved to proceed with filing for
bankruptcy for Argeo ASA and its subsidiaries Argeo Survey AS, Argeo Robotics AS
and Argeo Multiclient AS with Asker og Bærum tingrett.

When the Company went public in 2021, the objective was to acquire a minimum of
five AUV systems for ocean measurement and seabed mapping. These AUV systems
were to be mounted on chartered vessels as needed. At that time, the Company
believed that five systems would provide the necessary flexibility to manage
periods with limited work.

However, customers requested offers with specified vessels, which conflicted
with Argeo's model of chartering vessels after contract awards. Argeo therefore
acquired two vessels over time in addition to an extra container-based system.
Furthermore, customers asked for a broader product range, prompting Argeo to
invest in geotechnical equipment and make preparations to also manage ROV
operations on the vessel Venture. During summer 2024, the Group demonstrated
that three AUV systems in operation generated a good operating result. Since
then, the market for the Group's services have deteriorated. 

Argeo was established to serve three market verticals: oil and gas, wind farms,
and marine minerals. The Group has executed projects in all three verticals with
good results and satisfied customers. In 2024, wind and minerals projects
represented nearly 50% of the Group's completed work. In 2025, the wind industry
has scaled back significantly due to poor profitability and changed regulatory
conditions, especially in the US. In addition, the UN has postponed a decision
on license allocations for marine minerals. The oil and gas market has also
weakened due to falling oil prices and this particularly impacted deep-sea
projects which is the most relevant sub-segment for Argeo. As a result of the
above, the flow of projects for Argeo fell significantly and already announced
projects have been postponed, some for extended periods. While both of the
Group's vessels operated through most of Q2, significant uncertainty remained
regarding future work despite several promising opportunities under development.
These projects have still not been awarded despite originally being expected to
start during Q2 this year. The result is that the Group's two vessels have been
without work for an extended period of time. 

The Group's daily operating costs approximate NOK 1.5 million, primarily
comprising vessel operations, equipment costs, and essential crew expenses. To
attempt to reduce costs, the board evaluated and pursued, together with
investment banks and legal advisors, several solutions such as vessel sales,
refinancing of part of the Group's debt and equipment, potential mergers with
companies where synergies were good, as well as new equity to secure a period
without projects. All potential solutions required equity injection to fund
operations until new contracts materialized and to establish local presence for
an anticipated large contract in South America.

The Company, together with the investment banks, failed to secure new capital.
As substantial capital was required from professional investors beyond the
existing shareholder base, these efforts proved unsuccessful. The processes that
were evaluated all required significant new equity of minimum NOK 150 million as
the Group faced a summer period without confirmed projects.

Recently, the board has attempted to find new owners to continue operations in
the Company and secure jobs. This has unfortunately not succeeded. While several
major industrial players expressed interest and received access to information
about the Group's operations, none provided concrete offers within the Company's
available timeframe. As no realistic solutions could be implemented within the
Company's available timeframe, the board has therefore deemed bankruptcy filing
as the only viable option to avoid operating at creditors' expense. The board
deeply regrets the outcome, but bankruptcy was the only possible solution
without injection of significant fresh capital.

The board recognizes this outcome is deeply unfortunate for employees who
committed to Argeo as their employer and for investors who viewed this as a
promising, forward-looking business opportunity. The Company realized the
business idea but failed to secure enough projects over time to ensure
profitable operations.

For more information, please contact: 
Jan Grimnes, Chairman 
Email: Jan.grimnes@redback.no
Phone: +47 982 30 332

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading
Act. This stock exchange notice was published by Elisabeth Andenæs, Marketing
and Communications Manager, at Argeo ASA on the date and time provided.