A SPECIALIST company operating in the North Sea oil and gas sector has fallen into liquidation with 111 jobs at risk across its global operations.
Argeo Subsea, which is a regional subsidiary of Norwegian company Argeo ASA, provided services like digital imaging to the oil and gas, marine minerals and renewable energy sectors.
Argeo ASA had bases in Scotland, Singapore, the US and Norway and owned various vessels, including two ships, three autonomous submarines and one uncrewed surface vehicle. It reportedly had 111 employees in its most recent financial reports from Q1 2025.
It has also conducted operations in West Africa, the Indian Ocean, Caribbean and North Atlantic.
Liquidator James Alexander Dewar of Interpath was assigned to the UK-based firm Argeo Subsea Ltd on May 13, 2026 and it was published as an insolvency notice in the Gazette on May 18.
It offered a range of services to energy and drilling infrastructure in the North Sea, including pipeline and subsea cable inspection or installation, site surveys and risk assessments.
Argeo ASA filed for bankruptcy in July 2025, and it was announced that its Norwegian subsidiaries (Argeo Survey, Argeo Robotics and Argeo Multiclient) had done the same.
The regional businesses in Scotland, Singapore and the US also filed at the same time.
Plans for bankruptcy were temporarily halted as the company reportedly received an indication of interest from what it said was a significant industrial player to conduct a deal for the business or substantial parts of its subsidiaries, including providing financing for the continued operations of the group.
However, as this did not materialise the process continued.
The company said that since a $14.8 million private placement in February 2025, it had secured less work than expected, leading to a depletion of its cash reserves.
The business suffered from limited liquidity and was not able to secure work for its vessels for a significant amount of time.
Interpath and Argeo have been approached for comment.
