Due to a challenging financial position, with limited liquidity and limited resources to satisfy its short-term and long-term obligations, Norwegian surveyor Argeo has decided to file for bankruptcy.The company said on Monday that the formal filing will take place on or about Tuesday, July 8, 2025.Its Norwegian subsidiaries, Argeo Survey, Argeo Robotics, and Argeo Multiclient, will also file for bankruptcy. It is also expected that the company’s subsidiaries in Scotland, Singapore, and the US will file for bankruptcy as well.The company added that Argeo Survey received notifications of charter termination and repossession from the owners of the <em>Argeo Searcher</em> and <em>Argeo Venture</em> vessels.Argeo said last week that the market situation was difficult and that it had a lack of necessary contracts to generate stable revenue.&ldquo;Despite several active tenders and direct negotiations, Argeo does not currently have any work secured for its vessels and AUVs until the potential four-year contract in South America commencing in the second half of 2026,&rdquo; the company said in a statement last week.Since it completed the NOK 150m ($14.8m) private placement in February 2025, it secured less work and revenues than expected. This has resulted in Argeo using up its cash reserves and requiring additional funding.&ldquo;Despite relentless efforts, the company has unfortunately not been successful in attracting equity or other funding deemed necessary by the board for supporting a decision to continue its operations,&rdquo; Argeo said.