Argeo: Update on financial situation - initiating process to file for bankruptcy
Asker, 4 July 2025 at 17:30 CEST: Argeo ASA (the "Company" or "Argeo") iscurrently experiencing a challenging financial position, with limitedliquidityand limited resources to satisfy its short-term and long-term obligations, dueto a difficult market situation and the lack of necessary contracts togeneratestable revenue. Despite several active tenders and direct negotiations, Argeodoes not currently have any work secured for its vessels and AUVs until thepotential 4-year contract in South America commencing in 2H26.
Since Argeo completed the NOK 150 million private placement in February 2025,the Company has secured less work and revenues than expected. This hasresultedin Argeo using up its cash reserves and requiring additional funding. In orderto improve the Company's operational stability and strengthen its ability tomeet ongoing commitments, several processes to raise capital have beeninitiated, including potential equity financing, debt financing, disposal ofassets and other strategic partnerships or instruments aimed at strengtheningthe Company's financial base and bridging the liquidity gap until new revenuesare realized.
Despite relentless efforts, including the support of capital market advisorsaswell as engaging in direct discussions with potential investors, the Companyhasunfortunately not been successful in attracting equity or other funding deemednecessary by the board for supporting a decision to continue its operations.
Therefore, the Company earlier today requested Euronext Oslo Børs to suspendthetrading of its shares, and the board has this afternoon come to theunfortunateconclusion that there is no longer a realistic opportunity for the Company toachieve a viable financing solution. The board sees no other alternative thantoinitiate a process whereby the Company will file for bankruptcy.
The Company will provide further information in due time.
For more information, please contact: Jan Grimnes, Chairman Email: Jan.grimnes@redback.noPhone: +47 982 30 332
About Argeo ASAArgeo is a comprehensive subsea service provider, operating across three majorsectors: Oil & Gas, Marine Minerals, and Renewables. The Company offers auniquepackage that integrates robust vessels, state-of-the-art autonomous underwatervehicles (AUVs), advanced sensors, digital imaging technology, and anintuitivedigital platform designed to collect and visualize complex data. With their own vessels and high-performance AUVs, Argeo delivers fast andflexible full-lifecycle services, including survey, inspection, maintenance,andrepair, aimed at improving efficiency and reducing the carbon footprint forglobal, industry-leading clients.
Argeo has established offices in Asker (Oslo), Edinburgh, Houston, and Rio deJaneiro.
The Company is listed on Euronext Oslo Børs under the ticker: ARGEO.
Please visit www.argeo.no for more information.
This information is considered to be inside information pursuant to the EUMarket Abuse Regulation (MAR) and is subject to the disclosure requirementspursuant to MAR article 17 and section 5 -12 of the Norwegian SecuritiesTradingAct. This stock exchange notice was published by Odd Erik Rudshaug, ChiefFinancial Officer, at Argeo ASA on the date and time provided.
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