Argeo Files for Bankruptcy Due to Financial Challenges

Norwegian surveyor Argeo has announced its decision to file for bankruptcy due to a challenging financial position. The company cited limited liquidity and resources to satisfy its short-term and long-term obligations as the primary reasons for the filing.

The formal bankruptcy filing is expected to take place on or about Tuesday, July 8, 2025. In addition to Argeo, its Norwegian subsidiaries including Argeo Survey, Argeo Robotics, and Argeo Multiclient will also file for bankruptcy. Subsidiaries in Scotland, Singapore, and the US are also expected to follow suit.

Argeo Survey, a subsidiary of Argeo, received notifications of charter termination and repossession from the owners of its vessels, the Argeo Searcher and Argeo Venture.

The company acknowledged the difficult market situation, stating that it lacked necessary contracts to generate stable revenue. Despite active tenders and negotiations, Argeo failed to secure work for its vessels and autonomous underwater vehicles (AUVs) until a potential four-year contract in South America starting in the second half of 2026.

Following a private placement of NOK 150m ($14.8m) in February 2025, Argeo secured fewer work and revenues than anticipated. The company depleted its cash reserves and sought additional funding to sustain its operations.

Despite efforts to attract equity or other funding, Argeo’s board deemed it necessary to file for bankruptcy due to the inability to secure adequate financial support.