Norwegian Subsea Firm Gets $2M Loan

The Norwegian autonomous underwater vehicle provider Argeo has been granted a loan of NOK 20 million (~$2 million) from Innovation Norway.

Argeo said the yield is 6,2%, the duration is six years, and the loan is on certain conditions. 

Trond Crantz, CEO of Argeo, Argeo said: "We are very pleased to continue our collaboration with Innovation Norway. 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. 

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

In October, Argeo signed a 5-year bareboat contract for the vessel Argeo Searcher (former Ocean Pearl), with an option to purchase the vessel for $2 million after 12 months and $1 million after 27 months. 

The vessel will operate in the North and South America and West Africa energy markets, and the Pacific Ocean and North Atlantic for marine minerals market. 

The vessel can deploy and operate one or several AUV (Autonomous Underwater Vehicle) systems and will be equipped with Argeo’s SeaRaptor AUVs and a hangar for several work-class ROV (WROV) systems to support IMR operations.