Day rate contracts in South America and Africa come along to Argeo vessels

Norwegian subsea services provider Argeo has signed new contracts under which its two vessels will be deployed offshore South America and Africa on oil & gas projects.

The contracts will see Argeo Searcher perform autonomous underwater vehicle (AUV) survey work in South America and Argeo Venture AUV survey work in Africa, both on oil & gas developments in the respective regions.

Both vessels will start work immediately, with the activities expected to be completed by early May for Argeo Searcher and late May for Argeo Venture.

The contracts are defined as considerable, which, according to Argeo, means being worth up to $5 million, and are day rate contracts with options to extend time and work scopes.

“Being present in the right locations at the right time is a key part of our strategy. Our presence in these key geomarkets enabled us to mobilize quickly and deliver value to the client with minimal lead time,” said Trond F. Crantz, CEO of Argeo. “This reinforces the strength of our agile operating model and our ability to support clients wherever they operate.”

Of note, Argeo reported in mid-March that Argeo Venture had completed its work at TotalEnergies’ Venus project in Namibia’s Orange Basin under a $39 million contract announced in April 2024. The vessel began the work in May 2024, after transiting from Norway where it underwent a conversion upgrade.

As for Argeo Searcher, the vessel was previously tasked with carrying out the first phase of the multi-client data acquisition in Suriname as part of Argeo’s eight-year agreement with Suriname’s oil & gas regulator and state oil company Staatsolie.