Argeo ASA has successfully completed the Venus project for TotalEnergies in Namibia as of March 14, 2025. Following a contract worth $39 million, the project faced delays due to weather and yard stay but yielded over 7,000 line kilometers of AUV data and numerous geotechnical samples. Argeo specializes in subsea services across various sectors, integrating advanced technologies for efficiency and sustainability.
On March 14, 2025, Argeo ASA announced the successful completion of the TotalEnergies Venus project in Namibia. This announcement follows a prior stock exchange release dated April 2, 2024, indicating a $39 million contract with TotalEnergies. The Argeo Venture is currently undergoing demobilization in Walvis Bay, expected to conclude by March 23, 2025.
The Venture began its operations in Namibia on May 20, 2024, after traveling from Norway. The duration of the project exceeded original estimates due to an unexpectedly lengthy yard stay and adverse weather conditions. Over a period of nearly 10 months, the Venture accomplished the delivery of over 7,000 line kilometers of AUV geophysical data and approximately 200 geotechnical samples in water depths exceeding 3,000 meters.
This contract exemplifies Argeo’s capability to provide high-caliber deep-water services. The project underscored Argeo’s proficiency in executing integrated geophysical and geotechnical projects, where the geotechnical elements sourced from geophysical data were processed efficiently on board.
Argeo ASA serves as an all-encompassing subsea service provider in the Oil & Gas, Marine Minerals, and Renewables sectors. The Company features a unique combination of their own vessels, cutting-edge autonomous underwater vehicles (AUVs), advanced sensors, and a digital platform for the effective collection and visualization of complex data. Founded in 2020, Argeo operates internationally with offices in Asker (Oslo), Edinburgh, Houston, and Rio de Janeiro, and is listed on Euronext Oslo Børs under the ticker: ARGEO.
In conclusion, Argeo ASA’s accomplishment in completing the TotalEnergies Venus project highlights the company’s expertise in delivering advanced subsea services. Despite challenges that prolonged the project timeline, Argeo successfully provided significant geophysical and geotechnical data. This achievement affirms their capability in managing complex underwater projects efficiently and reinforces their reputable presence in the subsea services sector.
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