Argeo to proceed with bankruptcy after failing to secure new funding

Norwegian subsea services company Argeo has filed for bankruptcy after multiple processes failed to secure the funding needed for the company to continue operations. A Norwegian court officially opened bankruptcy proceedings for Argeo and its main Norwegian subsidiaries on July 24.

The decision follows a period of uncertainty for the company. After initially resolving to file for bankruptcy in early July, the board postponed the filing after receiving indications of interest from several industrial players. However, in a statement on July 23, the board announced that these processes had not resulted in any concrete offers that would secure sufficient funding within the company's available timeframe.

Argeo stated its financial situation had deteriorated due to a difficult market. The company was established to serve the oil and gas, offshore wind, and marine minerals sectors. It said that in 2025, the wind industry scaled back significantly due to poor profitability, a UN decision on marine mineral licenses was postponed, and the deep-sea oil and gas market weakened.

This resulted in a significant drop in projects, leaving the company's two vessels without work for an extended period. The company noted its daily operating costs were approximately NOK1.5 million ($147,096). All potential solutions, including asset sales or mergers, required a new equity injection of at least NOK150 million, which the company was unable to secure.