Argeo secures €1.9M loan, sees 'increasing amount of contract opportunities'

Argeo secures €1.9M loan, sees ‘increasing amount of contract opportunities’

Norwegian marine survey contractor Argeo has secured a loan of NOK 20 million (approximately €1.9 million) from Innovation Norway.

SeaRaptor AUVs. Source: Argeo

According to Argeo, the yield is 6,2 per cent, the duration is six years and the loan is on certain conditions.

The company has not disclosed any other details.

“We are very pleased to continue our collaboration with Innovation Norway (IN). Innovation Norway has played an important role for Argeo since its inception, and it is great to see that we are able to continue our relationship as Argeo continues its expansion internationally,” said Trond Crantz, CEO of Argeo.

“We have an increasing amount of exciting contract opportunities, and this loan will increase our financial flexibility and give us additional leeway.”

From the most recent company-related news, it is worth noting that Argeo recently secured the first contract for its vessel Argeo Searcher and both SeaRaptor autonomous underwater vehicles (AUVs).

The deal will see them deployed for ultra deep-water work in the North Atlantic.

Work is scheduled to commence directly after vessel conversion is finished in January, with a duration of three to four weeks and an estimated completion in February.