Argeo to file for bankruptcy amid financial troubles

Norwegian subsea services company Argeo has announced that its board has resolved to file for bankruptcy, citing a challenging financial position and a lack of contracts needed to generate stable revenue.

In its announcement, Argeo stated it has limited liquidity and no secured work for its vessels and autonomous underwater vehicles (AUVs) until a potential contract in South America scheduled for the second half of 2026. The company said that since a NOK 150 million ($14.8 million) private placement in February 2025, it had secured less work than expected, leading to a depletion of its cash reserves.

The board concluded there was no longer a realistic opportunity to achieve a viable financing solution after multiple attempts to raise new capital were unsuccessful. The formal bankruptcy filing is expected on or about July 8. The company's Norwegian subsidiaries, as well as its non-Norwegian subsidiaries in Scotland, Singapore, and the US, are also expected to file for bankruptcy.

Argeo also reported that its subsidiary, Argeo Survey, has received notifications of termination and repossession from the charter owners for the vessels Argeo Searcher and Argeo Venture.