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RNS - Argeo: Update on financial situation – initiating process to file for bankruptcy

Company: Argeo AS Date: 2025-07-04 Language: English Register to download

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 Argeo: Update on financial situation – initiating process to file for bankruptcy

# Argeo: Update on financial situation – initiating process to file for bankruptcy

Asker, 4 July 2025 at 17:30 CEST: Argeo ASA (the “Company” or “Argeo”) is currently experiencing a challenging financial position, with limited liquidity and limited resources to satisfy its short-term and long-term obligations, due to a difficult market situation and the lack of necessary contracts to generate stable revenue. Despite several active tenders and direct negotiations, Argeo does not currently have any work secured for its vessels and AUVs until the potential 4-year contract in South America commencing in 2H26.  

  

Since Argeo completed the NOK 150 million private placement in February 2025, the Company has secured less work and revenues than expected. This has resulted in Argeo using up its cash reserves and requiring additional funding. In order to improve the Company’s operational stability and strengthen its ability to meet ongoing commitments, several processes to raise capital have been initiated, including potential equity financing, debt financing, disposal of assets and other strategic partnerships or instruments aimed at strengthening the Company’s financial base and bridging the liquidity gap until new revenues are realized.  

  

Despite relentless efforts, including the support of capital market advisors as well as engaging in direct discussions with potential investors, 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.  

  

Therefore, the Company earlier today requested Euronext Oslo Børs to suspend the trading of its shares, and the board has this afternoon come to the unfortunate conclusion that there is no longer a realistic opportunity for the Company to achieve a viable financing solution. The board sees no other alternative than to initiate a process whereby the Company will file for bankruptcy.  

  

The Company will provide further information in due time.  

  

For more information, please contact:  

Jan Grimnes, Chairman  

Email: Jan.grimnes@redback.no  

Phone: +47 982 30 332  

  

About Argeo ASA  

Argeo is a comprehensive subsea service provider, operating across three major sectors: Oil & Gas, Marine Minerals, and Renewables. The Company offers a unique package that integrates robust vessels, state-of-the-art autonomous underwater vehicles (AUVs), advanced sensors, digital imaging technology, and an intuitive digital platform designed to collect and visualize complex data.   

With their own vessels and high-performance AUVs, Argeo delivers fast and flexible full-lifecycle services, including survey, inspection, maintenance, and repair, aimed at improving efficiency and reducing the carbon footprint for global, industry-leading clients.   

  

Argeo has established offices in Asker (Oslo), Edinburgh, Houston, and Rio de Janeiro.  

  

The Company is listed on Euronext Oslo Børs under the ticker: ARGEO.  

  

Please visit www.argeo.no for more information.  

  

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. This stock exchange notice was published by Odd Erik Rudshaug, Chief Financial Officer, at Argeo ASA on the date and time provided.

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