Argeo (ARGEO) Pareto Securities' 31st annual Energy Conference Presentation summary

Company overview

• Offshore service provider focused on transforming ocean surveying and inspection using autonomous surface and underwater robotics.

• Operates in oil & gas, marine minerals, and renewables markets, with global presence including Houston, Oslo, Rio de Janeiro, and Singapore.

• Listed on Euronext Growth, with plans to uplist to the Oslo Stock Exchange in October 2024.

Financial performance and growth

• Achieved H1 2024 revenues of $25.1M, up 561% year-over-year; EBITDA of $7.1M, up 384%; profit of $1.1M, up 128%.

• Secured $71M in total contract values in H1 2024, with a $45M backlog for H2 2024.

• Average yearly revenue per full spread is $32–35M, with EBITDA of ~$12M per spread.

• Demonstrated a significant shift to profitability since 2023, with consistent revenue and EBITDA growth.

Strategic direction and operational excellence

• Growth strategy targets three major verticals: oil & gas (67% backlog), marine minerals (19%), and renewables (14%).

• High commercial utilization rates, with 85% utilization for full spread in Q2 2024.

• Flexible fleet expansion supports ability to meet rising demand.