Argeo ASA
Argeo ASA was a Norwegian subsea robotics company providing AUV-based ocean surveying and inspection services to international energy companies and governments across oil & gas, marine minerals, offshore wind, and offshore installation markets using proprietary electromagnetic sensors and purpose-built vessels (filed for bankruptcy 24 July 2025).
- Company typePublic
- Founded2017
- HeadquartersHvalstad, Norway
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Argeo ASA does
Argeo ASA is a Norwegian subsea robotics company that provided autonomous ocean surveying and inspection services to international energy companies, government agencies, and offshore operators across four verticals: Oil & Gas (primary), Marine Minerals, Renewables/Offshore Wind, and Offshore Installations. The company operated two purpose-built 90-meter vessels (Argeo Searcher and Argeo Venture) deploying a planned fleet of seven Kongsberg Hugin AUVs (Hugin Superior and Hugin 6000) integrated with Argeo's proprietary electromagnetic and acoustic sensor systems — Argeo LISTEN for contactless cathodic protection inspection, Argeo WHISPER for active EM cable and pipeline tracking, and Argeo DISCOVER for high-energy deep-sea mineral exploration — capable of operating at depths up to 6,000 meters.
The company monetized this integrated vessel-plus-AUV platform through day-rate project contracts with majors (TotalEnergies, Shell/SNEPCo, Woodside, RWE) and governments (India NCPOR, Staatsolie Suriname, Polish Geological Institute, Norwegian Offshore Directorate), with contract sizes ranging up to USD 39 million for individual awards. A multiclient data licensing model was introduced via an 8-year Staatsolie Suriname agreement in Q3 2024, layering recurring data revenue on top of project services. Proprietary multi-sensor data was managed through the cloud-based Argeo SCOPE platform with browser-based 3D visualization and collaborative interpretation workflows. Marketing and sales were conducted primarily through direct enterprise engagement, industry conferences (EAGE, Oceanology International, Pareto Securities), technical webinars, and stock-exchange disclosures.
Argeo held six granted patents from the Norwegian Industrial Patent Office covering its core electromagnetic and acoustic subsea sensor IP and uplisted from Euronext Growth to Euronext Oslo Børs in October 2024. Despite revenue scaling from USD 10.1 million (2023) to USD 53.5 million (2024) on a USD 164 million expected backlog, profitability deteriorated sharply in Q1 2025 (EBITDA -0.2M, net loss -4.2M) and the company filed for bankruptcy with Asker og Bærum tingrett on 24 July 2025, terminating Argeo ASA and its subsidiaries Argeo Survey AS, Argeo Robotics AS, and Argeo Multiclient AS.
Argeo ASA firmographics
Firmographics- Name
- Argeo ASA
- Legal name
- Argeo ASA
- Website
- https://argeo.no
- Company type
- Public
- Founded year
- 2017
- Operating status
- Closed
- Headcount range
- 101–250 employees
- Short description
- Argeo ASA was a Norwegian subsea robotics company providing AUV-based ocean surveying and inspection services to international energy companies and governments across oil & gas, marine minerals, offshore wind, and offshore installation markets using proprietary electromagnetic sensors and purpose-built vessels (filed for bankruptcy 24 July 2025).
- Ownership category
- akta.pro rank
Argeo ASA industry classification
Industry- Product category
- Subsea Survey and Inspection Services
- NAICS
- Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Geophysical Surveying and Mapping Services (54136)
- SIC
- Oil & Gas Field Exploration Services (1382), Industrial Instruments For Measurement, Display, And Control (3823)
- akta.pro primary industry
- Marine & Underwater Robotics (USVs/UUVs) (HDAAAIAH)
- akta.pro secondary industries
- Unmanned Underwater Vehicles (UUV) & Autonomous Subsea Platforms (IMABAIAF), Unmanned Underwater Vehicle (UUV) & Autonomous Submersible Manufacturing (IMAJAOAC)
Keywords
Where Argeo ASA is headquartered
LocationHeadquarters
- HQ city
- Hvalstad
- HQ country
- Norway
- HQ region
- Europe
Offices6 records
Markets served
Argeo ASA business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales
Revenue model
- AUV Survey Services (Day-Rate Contracts): Argeo charters its vessels (Argeo Searcher, Argeo Venture) equipped with AUV systems on day-rate contracts to energy companies for deep-sea geophysical surveys, pipeline inspections, and subsea site investigations. Revenue is project-based and time-intensive, with day rates varying by scope, region, and vessel. Major contracts include TotalEnergies Namibia (Venus), Woodside Calypso (Trinidad), Shell Bonga (Nigeria), RWE Canopy (California), and NCPOR India. Contracts typically include options to extend.
- Multiclient Data Licensing: Argeo acquires survey data over areas of interest and licenses access to multiple clients, particularly in the marine minerals and offshore wind markets. An 8-year multiclient agreement with Staatsolie of Suriname was announced in Q3 2024. This model provides recurring data monetization from previously collected datasets.
- Equipment Leasing & Vessel Charter: Argeo entered into long-term leasing arrangements for AUV equipment (CSI Nordics/Kongsberg Discovery) and provides its vessels on charter, generating stable recurring revenue from asset utilization. Hugin Superior AUVs are leased under 4-year agreements with CSI Leasing.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Multi-year contract | Day-rate vessel and AUV survey contracts — priced per project based on scope, duration, location, and vessel/AUV requirements. |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
Argeo ASA product offering
Product offeringCore offering
Argeo provides AUV-based subsea survey, inspection, and geophysical data acquisition services for oil & gas, marine minerals, and offshore renewables markets. The company operates a fleet of Hugin Superior and Hugin 6000 autonomous underwater vehicles deployed from purpose-built vessels (Argeo Searcher and Argeo Venture), equipped with proprietary electromagnetic sensor systems (LISTEN, WHISPER, DISCOVER) for contactless pipeline inspection, cable tracking, and deep-sea mineral exploration. Data is delivered through the Argeo SCOPE cloud-based 3D visualization and interpretation platform.
Product overview
Argeo operates as a subsea robotic and digital solutions provider for ocean space operations, offering AUV-based surveying, inspection, maintenance, repair, and geotechnical services across oil & gas, renewables, marine minerals, and offshore installations markets. The product portfolio centers on proprietary sensor technology (Argeo LISTEN for passive electromagnetic CP measurements, Argeo WHISPER for active EM pipeline/cable tracking, and Argeo DISCOVER for high-energy mineral exploration) integrated with the cloud-based Argeo SCOPE platform for data visualization and analysis. Operations are conducted using a fleet of HUGIN Superior and HUGIN 6000 AUVs deployed from company vessels Argeo Searcher and Argeo Venture, with services encompassing geophysical surveys, hydrographical surveys, route surveys, environmental surveys, and ultra-high-resolution imaging.
Differentiator
Problem solved
Functional benefit
Products and services
- AUV Survey Services Day-rate chartering of vessels equipped with AUV systems to energy companies for deep-sea geophysical surveys, pipeline inspections, and subsea site investigations. Project-based and time-intensive engagements covering oil & gas exploration, marine mineral exploration, and offshore wind site investigation.
- Oil & Gas Subsea Inspection Subsea pipeline inspection, cathodic protection evaluation, buried cable and pipeline tracking, geotechnical work, and decommissioning surveys for offshore oil and gas fields globally.
- Marine Minerals Exploration Services Seafloor massive sulphide deposit exploration, polymetallic nodule mapping, environmental baseline assessment, and seabed characterization for marine mineral resource estimation.
- Offshore Wind Site Investigation AUV-based site investigation surveys for offshore wind farms, including seafloor mapping for turbine and anchor placement, cable route surveys, environmental and biodiversity mapping, and habitat assessment.
- Multiclient Data Licensing Acquisition and licensing of survey data over strategic offshore areas for marine minerals and offshore wind markets. Recurring data monetization from previously collected datasets through multi-client licensing arrangements.
- Argeo SCOPE Platform Cloud-based data management, analysis, and 3D visualization platform enabling browser-based collaborative data sharing and interpretation of multi-sensor subsea survey data.
Quantifiable outcome
- Revenue growth of 430% YoY (2023–2024), from USD 10.1M to USD 53.5M
- +4 more outcomes
Companies that use Argeo ASA
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles3 records
Argeo ASA technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
Argeo ASA partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered strategic, major, minor and core.
- Staatsolie, Surinamestrategic8-year multiclient agreement announced Q3 2024 for marine data acquisition in Suriname. Under this arrangement, Argeo acquires survey data over strategic offshore areas and licenses access to Staatsolie, creating a recurring data revenue stream alongside direct survey work.
- RWEmajorArgeo awarded a contract to carry out initial site investigation survey for RWE's Canopy offshore wind project in Northern California. The project involves a 40-day survey with 30 optional days, using Argeo's Hugin 6000 AUV from a chartered vessel. The 1.6 GW Canopy project is one of the first commercial-scale floating offshore wind farms on the US West Coast.
- Oceanology InternationalminorThree-party Certificate of Delivery and Acceptance for the second Hugin Superior AUV signed at Oceanology International in London. The event is a key industry exhibition where Argeo showcases its technology, engages with clients, and formalizes strategic agreements.
- India's National Centre for Polar and Ocean Research (NCPOR)majorFormally signed NOK 154 million (approximately USD 14 million) contract with NCPOR for deep-sea mineral exploration survey in the Indian Ocean. Contract comprises near-seabed exploration survey and data analysis to delineate Seafloor Massive Sulphide deposits over India's ISA exploration contract area, including environmental mapping. Project duration 4 months including transit, executed by Argeo Searcher with Hugin Superior AUV.
- Shearwater GeoServices Holding AScoreStrategic alliance and vessel acquisition agreement signed 27 September 2023. Argeo acquired the seismic vessel SW Bell (Ulstein SX124 X-BOW) from Shearwater for USD 6 million cash plus 20,123,625 shares, to be converted into a full subsea IMR vessel. A long-term Capacity Agreement was signed allowing Shearwater to hire Argeo vessel capacity for OBN seismic operations. Joint ambitions include CCUS, marine minerals, offshore renewables, and OBN seismic market development. Shearwater appoints one board member to Argeo upon transaction completion.
- Kongsberg Discovery AScorePurchase agreement for three advanced Kongsberg AUVs: two Hugin Superiors and one Hugin 6000. First Hugin Superior delivered Q4 2023, second in Q1 2024, Hugin 6000 in Q1 2025. Contracts formally signed November 2023 at Kongsberg's Horten facility. All three units are fully integrated with Argeo's proprietary sensor systems (LISTEN, WHISPER, DISCOVER). The HUGIN family has 30+ years of development history and is the world's most commercially successful AUV range.
Scale indicators12 records
Recent moves10 records
Expansion highlights6 records
Argeo ASA competitors and assessment
Company assessmentDirect peers
- Fugro N.V. Global leader in offshore geotechnical and survey services with a large AUV fleet (including Echo Surveyor and specialised vessels) performing site investigation, pipeline inspection, and cable route surveys for oil & gas, offshore wind, and marine-mineral clients. Directly comparable in service offering, target customer base, and use of AUV-based acquisition at depths overlapping Argeo's 6,000m capability.
- Ocean Infinity Group: Pure-play autonomous ocean-data company operating large fleets of AUVs (including the Armada fleet) for offshore survey, inspection, and geophysical acquisition. Directly comparable as a tech-forward AUV operator targeting the same oil & gas, offshore wind, and marine-mineral customer set.
- DeepOcean Group: Subsea IMR and survey contractor offering pipeline/cable inspection, geophysical survey, and trenching services with their own vessels and ROV/AUV assets. Directly comparable across Argeo's Oil & Gas and Offshore Installations customer segments with similar vessel-based service delivery.
- Kongsberg Discovery: Manufacturer of the Hugin AUV family (including the Hugin Superior and Hugin 6000 integrated on Argeo vessels) and supplier of survey/positioning systems. Argeo's core technology partnership is with Kongsberg, making it both a supplier and competing integrator in AUV-based survey services.
- MMT Group: Swedish/Norwegian-based survey company specialised in offshore cable-route surveys, hydrography, and geophysical data acquisition using dedicated vessels and AUV/ROV platforms. Directly comparable in offshore survey workflows and core Northern European/renewables customer overlap.
Broad incumbents
- Shearwater GeoServices: Global seismic and ocean-bottom-node (OBN) survey provider that entered a strategic capacity agreement with Argeo and sold the vessel Argeo Venture. Broad incumbent in marine geophysical acquisition with overlapping offshore-survey customer relationships.
- PGS (Petroleum Geo-Services): Major marine geophysical company providing 2D/4D seismic surveys, multiclient libraries, and offshore acquisition services to oil & gas clients. Comparable as a multiclient-data and offshore-survey incumbent competing for the same hydrocarbon-exploration wallet.
- Saipem (Subsea Drilling & E&C): Large integrated subsea services contractor with capabilities in SURF (subsea, umbilicals, risers, flowlines) and IMR. Broad incumbent whose subsea-services division addresses overlapping inspection/maintenance and survey needs for offshore oil & gas operators.
- TGS (now TGS-NOPEC Geophysical Company): Multiclient geophysical data library provider covering seismic, well data, and offshore wind/CCUS site data. Comparable with Argeo's multiclient data licensing model and joint presence in the marine-minerals and offshore-wind site-investigation value chain.
Emerging players
- iXblue / Exail: Specialist in subsea positioning, navigation (INS), and acoustic/EM sensor systems often paired with AUVs and USVs. Comparable as a subsea-sensor technology peer addressing similar positioning and pipeline/cable inspection challenges through different technical approaches.
Market position
Strengths3 records
Weaknesses3 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Argeo ASA social profiles
Digital presenceArgeo ASA financial estimates
Financial estimateRevenue estimate
Valuation estimate
Argeo ASA leadership team
Management profileNumber of profiles
Profiles11 records
Argeo ASA subsidiaries and ownership
Company hierarchySubsidiaries6 records
Argeo ASA funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Argeo ASA M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Argeo ASA
What does Argeo ASA do?
Argeo provides AUV-based subsea survey, inspection, and geophysical data acquisition services for oil & gas, marine minerals, and offshore renewables markets. The company operates a fleet of Hugin Superior and Hugin 6000 autonomous underwater vehicles deployed from purpose-built vessels (Argeo Searcher and Argeo Venture), equipped with proprietary electromagnetic sensor systems (LISTEN, WHISPER, DISCOVER) for contactless pipeline inspection, cable tracking, and deep-sea mineral exploration. Data is delivered through the Argeo SCOPE cloud-based 3D visualization and interpretation platform.
Is Argeo ASA a public or private company?
Argeo ASA is a public company. It is classified as public and is currently closed.
When was Argeo ASA founded?
Argeo ASA was founded in 2017. It employs 101 to 250 people.
Where is Argeo ASA based?
Argeo ASA is headquartered in Hvalstad, Norway, in the Europe region.
How does Argeo ASA make money?
Three revenue lines are on record. AUV Survey Services (Day-Rate Contracts) is the primary driver. The others are multiclient Data Licensing and equipment Leasing & Vessel Charter.
Who are Argeo ASA's main competitors?
Direct peers on record are Fugro N.V., Ocean Infinity Group, DeepOcean Group, Kongsberg Discovery and MMT Group. Broad incumbents are Shearwater GeoServices, PGS (Petroleum Geo-Services), Saipem (Subsea Drilling & E&C) and TGS (now TGS-NOPEC Geophysical Company). iXblue / Exail is listed as an emerging player.
Does Argeo ASA have an API?
No public API is recorded for Argeo ASA.
What industry is Argeo ASA in?
Argeo ASA's product category is Subsea Survey and Inspection Services. Its primary akta.pro industry code is HDAAAIAH, Marine & Underwater Robotics (USVs/UUVs), with a secondary code of IMABAIAF, Unmanned Underwater Vehicles (UUV) & Autonomous Subsea Platforms. Its NAICS code is 334511 and its SIC code is 1382.