Welcome to this fourth quarter presentation of Argeo. I am the company's Investor Relations, Ola Eikeland of CorpCann. The presentation will be held by the company's CEO, Trond Crantz, and CFO, Odd Erik Rudshaug. Regarding the Q&A session afterwards, you can send questions during the presentation, either by giving me a sign if you are present here, or using the question function in the webcast. The presentation will also be recorded and published on the company's webpage later today. That's all from me for now. Trond, the floor is all yours. Thank you, Ola. Let's start with saying just to remind everyone to observe our disclaimer. We will cover the following topics. First, a short highlights introduction to Argeo. We have an operational update. Our technology, a deep dive into our technology. Odd-Erik will present our financials, and we will have a few slides on what we see going forward in terms of outlook and expectations. Let's start with the highlights. We have our HUGIN system moved to Brazil, as reported in our Q3. It's working there now for some major clients. It's an important project for Argeo, and we have some slides that will cover this project later on in the presentation. We have established our office in Houston, also manned. Subsequent to this presentation, we are working on the same thing with Rio de Janeiro in Brazil. The purpose of this is to drive business development and oversight operations in the North and South America geomarket. Vehicle status, building, and the commercialization of the SeaRaptor AUV is going as planned. In total, from the start of the projects to where we are now, we have about 2 weeks-3 weeks delay in all of it, but it's accumulated, so it doesn't affect, you know, the final delivery. Subsequent to the presentation, the SeaRaptor Alpha has completed all the testing, and it's moved over to Norway now ready for mobilization for its first commercial projects. The assembly of the SeaRaptor Bravo is going according to plan and will be arriving in Norway in beginning of April. Early March, in fact. We see a strong growth and a lot of pickup in terms of large tender activity internationally, especially in the North and South American market. That's why we are focusing there right now. We see that tenders are expanding from a few months in the beginning as we developed the company now to some tenders lasting for even 12 months and more. We have good progress on the Eelume project, Underwater Inspection Drone, as Equinor calls it. We have our first proposals submitted to Equinor. We believe this will be a lot of interest going forward. The market response from the Argus USV is also going well. We have a lot of good feedback from clients there, especially in the offshore wind market, where we think this will be a really attractive product. Focus on the multi-client side, we are focusing on offshore wind, especially in Norway and Europe. This is very interesting. We believe this is going to be a good revenue provider going forward. We expect approval from the authorities on the Utsira North offshore wind park multi-client program, and we are working on the same thing for ScotWind in the U.K. Revenue should be no surprise. We talked about this at Q3. We have moved our only asset revenue AUV to Brazil for that purpose of building a stronger backlog and product portfolio in that market for this system. The cash balance NOK 66 million Q4 2021, and Odd-Erik will cover more of the financials later on in the presentation. A quick recap of Argeo. We are now a company of 42 employees. We have 3 AUV crews ready to operate these vehicles that we built and the one which is ongoing. We see that, in brackets, it's a fleet expansion according to what we originally planned for, and we'll of course look at that in terms of contract-backed activities. Our first USV is being launched beginning of April, finalizing testing in March. The Eelume system, we will mention a bit later, but starting commercial activities in H2 this year. Our mission continues to be strong. It hits home by our super majors, our clients in offshore wind, and we feel this is really meeting the client demands in the market right now. It's unchanged. We're out there to transform the ocean survey and inspection industry by utilizing autonomous and robotic systems. This will, of course, increase efficiency and the quality of data and at the same time reduce the CO₂ footprint in the industry at large. Our slogan, faster, better and greener at a lower cost, is evident, and we are seeing that the attractiveness from our clients are meeting this. How do we do this? How do we do this, transforming the ocean survey and inspection industry, basically moving all of the traditional activities in the red frame over into the green frame. We are replacing typical traditional vessels, ROVs and such, with robotic systems, as we talked about, increasing the acquisition speed and productivity, and at the same time, providing a higher quality of service. The verticals that we are active in, we come from a background of oil and gas, but we spent a lot of time paving new methods into the engineering and construction industry. This is construction and engineering in the offshore space. We have slowly moved on to offshore wind, which is a really progressive market where we see the demand for the services that we provide with the solutions that we have is really picking up. The oil and gas survey inspection on the upcycle that we see now is really an exciting market for us, and we see the same thing taking place in our geo markets around the world. In the emerging phase of deep sea minerals, we have technology that really will make sure that this industry moves on with the pace that we expect from next year onwards. We will be the second company able to dive to 6,000 meters and bring back decision-making data for this industry. An operational update on what we are working on. We said we would build a company when we started out. In 6, 7 months, we have completed our recruitment campaign at this point. The accumulated numbers over the quarters, you can see here on the left-hand graph, we are now a total of 42 employees. We have a very strong engineering team. We have expanded the office space around the world to Houston, Rio, Singapore, and R&D in Stockholm, bringing out cutting-edge technology that will really make an impact when we are integrating this into our new AUVs. We said we would expand to new geo markets, and I think this is an important slide to understand our geo and our expansion plan. We have three main geo markets, North and South America, NSA, Europe, Mediterranean and Africa, Middle East and Africa, EMA, and the Asia Pacific area, APAC. This is where we are focusing our asset on. Why we do it is to reduce transit time and increase utilization. That means that we will have a more efficient operation and be more strategically placed and closer to our customers. It also enables us to build a backlog of multi-client projects in tandem with the proprietary work that we're already doing. It gives us faster mobilization. We can respond quicker to customer demands. Of course, we will be able to retain crew and equipment in the identified regions. This is very important for us, and I think it's going to be a real gainer in terms of converting tenders to contract. Call it as it is. We started out well for the year in terms of the project that we estimated we would be able to acquire. In Q1 and Q2, we had good quarters. We met our targets. In Q3, we had problems in terms of contracts being delayed due to permits or other reasons. Of course, Q3 was a reduced contract backlog, and we decided to move the HUGIN system to Brazil when we saw that the larger oil and gas project in West Africa entailed too much technology and operational risk for the company at that point. Of course, that leads to a revenue loss for the year of NOK 40 million, which is of course very disappointing. We expect to pick up some of these projects down the line in 2022. We have expanded our fleet. We started with the HUGIN system prior to our IPO. We started building the first SeaRaptor immediately after the IPO. We have built the SeaRaptors in 11 months and 9 months, and which is a really good feat actually, when the typical build time for these vehicles is 12 months-14 months. We have delivered on this, and these are coming out in March, and will be very attractive in the market. The Argus USV, we started assembling and the engineering plan in May, and will be ready in late March. The Eelume system, as we talked about, will start its initial commercialization phase in the beginning of the second half year. We also said that we would develop technology. We now have a really strong technology team consisting of eight people in total. We have filed five patents throughout the year with revolutionary technology that we also see a potential market for in the marine naval defense industry as well. This is our Geo technology that we will put into all of the vehicles that we have and will make its way into the market verticals going forward. The first one is our Argeo LISTEN, which is a passive system used for oil and gas and offshore wind. It will be followed by Whisper, which is an active electromagnetic system used for all of our verticals, in fact. In the end, we will be ready to test the Argeo Discover tool, which is meant for deep sea minerals, and will be commercialized next year. We didn't stop there. We saw a demand for longer endurance on these AUVs, and we quickly saw that we could couple the technology that we are building with longer endurance. The initial SeaRaptor had a typical endurance of 50 hours, and that's more or less where AUVs are in today's market, some slightly above, some slightly below. We saw that with the modularity, we could increase that endurance to as much as one and a half weeks. That depends, of course, how many sensors we have active at a given time. This solution will be following our Argeo Discover and our Argeo Whisper in the end of the year, ready for testing and commercialized next year. It means that we can run a total survey for one and a half weeks up to using these vehicles. That, of course, reduces a lot of cost for the customer. It reduces the need for vessels and many other features that we will bring out in combination with this. This is from the ongoing operation in Brazil. You see some of our Geo crew on the left-hand side implementing the subsea communication system that penetrates the vessel and goes into the water. It's using MV Larissa for this survey where you have customers like Equinor, Petrobras, and more. It's a gas pipeline from an FPSO onto shore, and on the lower right-hand side, you can see the HUGIN operational container and the HUGIN large container with the HUGIN sticking out over the stern. We expect to be finished with this project in April. We will have a quick break. Okay. Continuing on, status on the vehicles. This is the SeaRaptor Alpha. Some operational pictures from testing. You can see the uniqueness with the vehicle is that it's modularized, so we can break it out to flight shipment crates, which reduces mobilization time. On the right-hand top corner, you can see the AUV being hoisted out of the water after testing. On the right-hand bottom corner, you can see the SeaRaptor transiting offshore to onshore. The SeaRaptor is being made ready now for mobilization for commercial projects in Norway, and it will continue activities in the Atlantic region for ultra-deep water work, and we will cover additional activities in the fleet schedule update. Assembly for the SeaRaptor Bravo is going according to plan. It will be completed end of March, and the final testing and operational activities starting up in Norway in April. It's scheduled for both international projects and an ongoing multi-client campaign both in Norway and in Europe. The Argus USV, as we call it, is a 10-by-3-meter autonomous vehicle. Equipped for over-the-horizon operations, a multipurpose vessel, it can carry the Eelume system, or it can be a survey machine in its own right. You can see pictures from the building process of the vehicle on the right-hand side and the retoolable moon pools, where we can put all kinds of sensors in it to map the sea floor for any of the verticals that we are working in. The final design you see on the left-hand side, and it's the first USV based on the Expo principle in terms of being an effective survey machine, wave-piercing bow. Expanding tenders and backlog. This is the fleet plan as we have it. The Hugin 2000 is going to work until April. At the moment, we are working on securing more backlog for this system in Brazil, where we have several opportunities. The SeaRaptor Alpha, which is coming out and going into productivity in March, is starting up on a multi-client campaign. We have some tenders that we have slated as Alpha Four before it goes to the ultra-deep water project in the Atlantic. It is being tendered for several long-term projects going forward into 2023 actually, and our judgments is that we are positively received from a client side. The SeaRaptor Bravo is being received in Norway for starting up commercial activities in April. It starts up on a multi-client campaign, then being tendered internationally for several projects. The Argus USV has also some project tenders out. We are taking our time in terms of how commercially aggressive we are with this vehicle. We want to learn a bit, and we don't wanna sell out capacity too early, focusing on the right project at the right pricing. The Eelume is proposed for several commercial projects for Equinor, including tenders for next year. The total tender sum, as you see here, is NOK 252 million. We will report multi-client revenues per quarter as we move on. As tenders converts to contract, we will report that through normal procedures. A special topic today is offshore wind and understanding how we place our services within the offshore wind portfolio. Basically, there is five major activities taking place in offshore wind from pre-concession, where the interested party has not yet taken a license, all the way to decommissioning. We are an active player with the tools and the methodologies that we have in all of these verticals. This is where also multi-client activities come in, where we use the USV, which is a very attractive tool for offshore wind, especially in the shallow water. In deeper water and floating wind, we have the SeaRaptors and the HUGIN system. Deeper water and floating wind is typically 100+ meters in depth, so it requires this type of tools to be effective. In addition to this, we utilize the technology that we develop for special purpose activities, such as UXO, which is something that is remnants from the Second World War, bombs and grenades that are making the seabed hazardous and needs to be mapped before any physical activity can take place. We use the technology that we developed to give our clients a better image of how that works. We move on after operations and maintenance. We put in the Eelume system. We can use the USV and so on. The whole Eelume system, one unit can service a total of 80 square kilometers of wind park without the use of vessel as a resident system. We can connect it to the USV as well and add to that service. Later, of course, in the value chain, there is inspection of site and inspection of cables for decommissioning. Why do we propose multi-client data for offshore wind? Basically accelerating offshore wind development. We believe that we can reduce the time from license to power on with as much as 1 year-2 years by making sure that they have access to early data that reduces risk, reduces cost, and allows them to start the engineering process quicker. Of course, the added benefit is lower CO₂ footprint and a higher data quality service, but we believe this is going to be a very interesting market for Argeo going forward. As an example, a proprietary work of NOK 20 million-NOK 25 million would easily become value for the company over time at NOK 100 million-NOK 120 million. We are looking at two to three times the revenue from multi-client because we are doing larger projects, we are doing them more efficiently, less mobilization cost, and we can increase the utilization that we have on our vehicle from 40%, which is our base case, to up to 60%, when we add the multi-client model. The effect of this over time is, of course, that we build a high-quality data library around the world that continues to generate revenue over time. That's the right-hand lower figure trying to explain available data library that we can sell to different companies over time. Example of this, where we are scaling from 5 to 10 assets, from 22 to 25, increases data ownership potential, and adds utilization from 40% to 60%, with 20% of the capacity utilized for data service and multi-client. The investment of NOK 300 million will then return 2.5x to 3x over the period of five years. This is basically. This figure shows a snapshot of a data library. As you can see, the investment on the right-hand side, business model for data service and multi-client, the revenue stream from data service, and the investment for both of these services and the revenue stream on top of that, which shows the business case in total. Technology. We have been working since before the IPO, in fact, to develop cutting-edge technology that we use to impact the market and provide new services and new data types to our clients. Our LISTEN cathodic protection system, which goes into Eelume, it goes into the SeaRaptors and the HUGIN system, it's used for inspection, it's used for mapping, it's used for tracking power cables, it's used for determining depth of burial for power cables, which today has been used with ROVs, and we do that 4x to 5x faster now with the AUVs. The next one arriving in the market is our Whisper, which is basically a controlled source electromagnetic system that can be used for many other purposes, but both in oil and gas and in offshore wind. Following thereon is the Argeo Discover, which is meant and targeted for deep sea minerals, deep water, high-resolution electromagnetic data. Finally, to embrace all of that data that we are acquiring, we have the Digital Ocean Space, where we are putting out the first module, N-Light, in the first part of this year, H2. Then following that from there on will be Introspection, which is an inspection and investigation tool. Then on top of that is Foresight, which is basically a machine learning AI interpretation tool draped over all of the data. This is just an example where we utilize the tools that we talked about in the SeaRaptor. This is for UXOs. We can do this now with much more efficiency with higher accuracy and basically provide the client with an accurate map of risk going forward. This type of service are mandatory for any physical installations in the ocean space. This is something that you have to do. Eelume subsea inspection and maintenance. It's a very exciting tool. We are seeing requirements for this on the international space, but we are of course starting in Norway, where the Equinor is a big sponsor of UID technology in general. We are putting our technology into Eelume, so the robots operated by Argeo will also have Argeo technology. A quick recap. These are our current tools. We have the SeaRaptors coming out now being efficient survey machines. We have the HUGIN already in operation. We have the Eelume system slated for work and the Argeo Argus USV are ready for commercial operation in early April. One of the things that we was working on as well was that we want to make this over the horizon supervised activities. We have built a onshore mission control center in our office in Oslo that allows us to run the USV completely unmanned. Keep in mind that we are probably 10% of the CapEx of other typical USVs in the market. We have no people on board, all of the technology is there, and we can add to it the robotic systems when required. We can put this system in a client's office. We can put it in a container on a ship. There is a lot of expectations from the remote operations that we are seeing going forward. A final slide on technology, Digital Ocean Space. We have a group of really skilled software engineers and developers working on Digital Ocean Space. The first module will be available in early second half of 2022. Argeo N-Light, which is used for visualization and processing for data that we acquire. The next one will be the inspection part, where we basically use all the data to predict activities going on with the infrastructure in the seabed, and adding on top of that geo-referenced information. We know how things are moving and how they are placed. Then we will add to that the Foresight module, which is draping machine learning and artificial intelligence to predict what will happen going forward. This we have a lot of expectations for, and we are getting a lot of feel-good feedback from our customers as well. Odd Erik. Thank you, Trond. As Trond mentioned in the beginning of the presentation, our revenue in Q4 last year was NOK 0.4 million, and we had NOK 15.8 million for the whole year. We continued to ramp up the organization and to prepare for the activity this year after delivery of the new assets. Employee expenses increased to NOK 11.6 million in Q4 last year, and the other operating expenses was NOK 7.9 million. We capitalized NOK 4.1 million as development cost for these development projects we have ongoing. EBITDA was NOK -15.1 million in Q4 last year, and it was NOK -26.6 million for the full year. Net loss in Q4 NOK 8 million and NOK 18.1 million for the full year. We had 92.5 million in non-current assets at the end of last year, and this includes NOK 7.6 million in the capitalized development cost. Property, plant and equipment was NOK 69.2 million, and this is mainly prepayments on the two SeaRaptors and the USV we will have delivered this year. Remaining CapEx this year for assets we have ordered for delivery this year is approximately NOK 37 million. This is net of funding we have on these assets. Approximately NOK 30 million will be paid during first half this year. Cash, as Trond said earlier, NOK 66 million at the end of last year. We had NOK 148 million in equity and NOK 5.9 million in long-term interest-bearing debt. This is debt or a loan from Innovation Norway, which is payable over approximately four years from now. A few words about the cash flow statement. Net cash from operation was NOK -9.6 million in Q4 last year, and NOK -31.9 million for the full year. We invested NOK 3 million in assets in Q4 and NOK 68.8 million for the full year, which again is mainly prepayments on the assets we will have delivered this year. I think I leave it back to you, Trond, to- Yeah Some closing remarks. I think it's just a summary, and we can just sum up that we are seeing a high level of tender activities, especially in the North and South American market. Our geo-market strategy is going as planned, in fact, exceeding it. The new business model that we are bringing into the market is receiving a lot of good feedback from clients, especially in the offshore wind market. We see of course that you know there is a mega-trend of new enabled cleaner and greener energy sources that is focus of our clients as well. I think that's the last slide, so we can take questions. All right. Cool. right. Cool. We gave away the time? Yeah. Okay, thanks. Thank you both for a good presentation. We've already got some questions. Will the loss in 2021 revenue be picked up in 2022, or are those projects gone? Some of them will. We have good expectations to pick up one of them and maybe two of them. We think that one of the projects are gone, but there will be others in that region. It's a very exciting region for us. I think the decision to defer that oil and gas project was the right one, and could have basically been a difficult project to complete. It's good risk measurement, I would say. Okay. Good one. One here on the multi-client business. Can you explain how a high quality data library will bring long-term revenues over the next years? Well, first of all, we see that there will be a need for different types of data throughout the phases of a life cycle of offshore wind. What we are doing is basically to acquire a lot more data than what is needed, and we can uplift the data quality with our unique data processing visualization using Digital Ocean Space. Basically, it means that we can feed the industry with new data types uplifted through interpretation and processing going forward for a given project. Yeah. Do you expect a lot from this segment going forward? I think it's very, very interesting. Of course, you know, we have the tools, we have the competence and the ability, so of course, we can do this to a much lower cost than the traditional multi-client companies. Okay. The company's won quite a number of contracts lately. How is the competitive landscape right now? Are you confident? Well, I mean, we see a big demand for our services. We are meeting competition in the general playing field, but we see that we have the latest technology and tools, which is of course of interest to our clients. It's an enormous market, and there's room for much more than one, two, or three players in this. Yeah. You have a strategy of, you know, being in certain geo Markets Markets. Yeah. How important is actually that strategy for OGM? Well, it's important in a volatile logistics scenario. It's of course important that we have equipment placed where we have business. That allows us to build project onto project and reduce the time it takes to transit and ship stuff. We can retain local content, crew, of course, we make a presence there, which basically gives us the opportunity to be closer to the client, develop closer relationships and also have a very tight operational oversight of what we are working on. Mm. To Tommy on that. Oh, sorry, yeah. One question. I need to give you this, sorry. Thank you. Tommy Johannessen, SpareBank 1 Markets. Can I just ask, what is the current backlog for you at this stage? The current backlog is more or less as you concluded in the analysis. We are about NOK 14-NOK 15 million. Yeah, we can't say any more in terms of the conversion rates or the tender activity, but we certainly are looking at a very strong market now. Has the Hugin 1000 been extended since? Well, it's being a longer project than we originally anticipated, but it's too early to say when it's going to be finally concluded. We are building a project on top of that project as well. on the tendering pipeline of 252- Yes What is for execution in 2022? What's the revenue potential for you in 2022 from current outstanding tenders? In 2022 only, we have. I think most of that is in 2022. Yeah. We have a small tail in 2023, but over NOK 200 million, if it all converts. On the SeaRaptor Bravo multi-client project, what's the multi-client CapEx there and prefunding for you? Well, it's too early to talk about prefunding. We would like to report that on a quarterly basis. Obviously the cost that we have. Do you want to comment on the cost? The cost is mainly depreciation on the assets and personnel costs, so it's very little additional external cash cost on that activity. I think we will cover, you know, the actual benefit from the multi-client business on a quarter-to-quarter basis. We just need to realize that it's. We are bringing out a completely new business model in this market, so there is things for us to learn as well. Certainly it's looking very promising. Okay, thank you. That was my questions. Yeah, all right. Okay, let's see what came in some more here. Given the current situation in the world crisis, will this affect Argeo in any way? It's too early to say. I mean, we are coming out of one crisis and going directly into a new one, but we are in an area of the world where we are less affected of all of this going on. Okay. Mm. Regarding the liquidity situation, given what we have in the bank, how long will it last? No, I think we are comfortable. Yeah the cash side. Yeah Yeah, we will start to work on projects now, so yeah. Yeah. All right. Let me see here if we have some more. There's a lot about, people want you to guide but, Yeah, I mean, let's build some history within the company before we start guiding. I think what we have done now is to open up so everyone can see what we are working on, and I think we'll cap it at that. Yeah, sorry, yeah. Yeah, sure. Let's have this. Hi, Trond. You touched upon it briefly. When you look at this technology, can you say a bit more about the potential sort of military applications for the Argeo technology and assets? Yeah. I think outside of the obvious opportunity, you know, we are talking anti-deterrents, mine discovery systems, and so on. It is too early to say. We are trying to discover the potential right now, but we are looking both through partnerships and directly to end customers. Keep in mind that the largest AUV market over the last 15, 20 years has been to defense applications. Of course, integrating our applications or our sensors and tools into this is a possibility because we are not pursuing that market with our geo survey as it is. It's a non-competing market for us, you know, and we are basically looking at this to make our Argeo Robotics a revenue generating company as well. You have a general dialogue with Yeah with the Kongsberg Gruppen, right? We have a dialogue with them and others, end customers. I think it's early days yet, but we are discussing and see what may come out of it. All right. How do you plan to fund the new AUVs? Well, our fleet expansion is something that we're evaluating based on contract activity, of course. We have shown ourselves to be able to attract good financing before. We'll get to that point when we are at the decision gate. Yeah. We'll take one last question, and then we'll answer the others, you know, on mail or get in touch with you. If you look back last year- Mm. -last summer, last autumn- Yep. You look now. Mm. How are people taking, you know, Argeo when you're there in the market? Is there a difference? Well, I mean, surely. Of course it's a big difference when you have a plan on what you are trying to do, and now you have results, basically. We are now bringing in actual sought-after tools and solutions in the market. We have large clients reaching out to us to make sure that we are competing in tenders globally. Mm-hmm. I think it takes, of course, a bit of time to develop a completely new market, completely new technology, an organization and so on. Mm-hmm. We are seeing that the effects of this now is paying off. Yeah. Well, good. I think that's it for now. We'll try to look at the other questions and get back, you know, with good answers for that. I hope you liked what you heard, and thank you for listening. Yeah. Thank you guys. Thank you. Yep. Thank you for your time. Bye.