Following work for Shell, Argeo subsea vessel going to Indian Ocean

Argeo’s subsea vessel Argeo Searcher has completed a job in Nigeria for Shell and is now set to mobilize for work in the Indian Ocean.

In its most recent vessel schedule, Argeo reported that its backlog update was currently running at around NOK 550 million (over $52.3 million), with a further sales and revenue potential of additional NOK 200 million ($19 million) for Argeo Searcher in H2 2024.

According to the company, Argeo Searcher completed the Shell job in Nigeria in record time and with high performance and exited Nigeria on January 20.

The vessel is now set to move on to mobilize in the Indian Ocean to commence the NCPOR project, expected to be completed in late Q2 2024.

Furthermore, Argeo Venture is finalizing the reactivation task outside Bergen in Norway and will commence rigging the company’s second Hugin Superior autonomous underwater vehicle (AUV) for an “international oil company”. The vessel will mobilize on this contract in mid-March, with work expected to be completed in late Q4 2024.

“We have several strong tender leads for Searcher in H2-2024 and see a further increase in backlog and revenues for the vessel in H2,” Argeo said. “For projects secured late 2023 and early 2024 we have an estimated EBITDA margin between 35-40%.”

The Norwegian company announced that in late December commencement in-field started at the Bonga field for Shell. Namely, Argeo confirmed a NOK 55 million contract with Shell Nigerian Exploration and Product Company (SNEPCo) for deep water inspection services in the Bonga field and its subsea assets (pipelines, infrastructure, and flowline systems) in addition to geophysical surveys of nearby areas on November 11, 2023, with the project later getting increased.

On November 13, 2023, Argeo announced that it had been awarded a NOK 154 million contract with India’s National Centre for Polar and Ocean Research (NCPOR).

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