Argeo in Talks to Avoid Bankruptcy

Last week, Norwegian surveyor Argeo made headlines when it announced its plans to file for bankruptcy due to financial difficulties. However, the company is now in discussions with interested parties in a bid to stay afloat.

Initially, Argeo stated that its Norwegian subsidiaries, including Argeo Survey, Argeo Robotics, and Argeo Multiclient, would also be filing for bankruptcy. Additionally, its subsidiaries in Scotland, Singapore, and the US were expected to follow suit.

Adding to the company’s woes, Argeo Survey received notifications of charter termination and repossession for its vessels, the Argeo Searcher and Argeo Venture.

Facing a dire situation with no work secured for its vessels and AUVs until the latter half of 2026, Argeo believed bankruptcy was the only option. Despite efforts to secure funding, including seeking equity, the company was unsuccessful.

However, just two days after the bankruptcy announcement, Argeo revealed that it was halting its decision, thanks to interest from a “significant industrial player.”

On July 11, the company disclosed that it had received multiple indications of interest from potential suitors, though no names were disclosed. These parties expressed interest in acquiring Argeo or its subsidiaries.

Argeo affirmed its commitment to exploring these opportunities, acknowledging that success was not guaranteed. If negotiations fail, the company will proceed with the bankruptcy filing.