Exploris Expeditions to Shut Down After Court-Ordered Liquidation

Exploris Expeditions & Cruises will cease operations on Nov. 7, 2025, after the Nantes Commercial Court placed the French expedition cruise operator into liquidation on Oct. 29, 2025.

Court-ordered liquidation and the shutdown timetable

French media reports said the company struggled to present a recovery plan judged viable after entering receivership in early October, a process its directors pursued in an effort to secure enough funding to keep operating on the timeline required by the court.

• Early October 2025: Exploris entered receivership as it faced a cash crunch and sought funding that would have supported continued operations.
• Oct. 29, 2025: The Nantes Commercial Court ordered liquidation, triggering the cancellation of all future cruises and the winding down of the business.
• Nov. 7, 2025: The company is set to definitively cease operations, as the closure process advances and its French offices shut.
• Nov. 13, 2025: Le Marin reported the court pushed the liquidation date from Nov. 7 to Nov. 13 to avoid additional complications tied to the ship’s status while in Spain.

Nearly 40 land-based employees are expected to be affected as the company closes its administrative offices in France.

Exploris One repositioned for a sale as liquidation proceeds

The liquidation centers on Exploris One, the company’s lone operational vessel and a 132-guest expedition ship designed for remote and polar itineraries. The 1989-built ship was previously operated by Silversea Cruises as the Silver Explorer and is listed at 6,130 tons.

Exploris One had been laid up in Las Palmas de Gran Canaria in Spain’s Canary Islands. As the liquidation process moves forward, the vessel is now sailing toward Caen in Normandy and is scheduled to arrive on Nov. 16, 2025, based on AIS tracking data.

Le Marin said returning the ship to a French port is intended to simplify the sale process, with Exploris One expected to be a key asset in the liquidation.

Maintenance plans tied to an Antarctica season

Before the liquidation order, Exploris One had been preparing for a winter Antarctica program. The ship was slated to complete a regulatory drydock in Gran Canaria before repositioning to Ushuaia for expedition departures.

Exploris’ directors said the receivership process was intended to secure funding to cover the yard stay and support continued operations, but the company ultimately did not secure financing within the observation period.

What Philippe Videau said about the financial collapse

In an interview with Mer et Marine, Philippe Videau, co-founder and president of Exploris Expeditions & Cruises, described a business that he said was growing in 2025 but ran out of time to stabilize its finances after a key charter agreement fell apart.

“In 2024, we generated 11 million euros in revenue with 1,100 individual passengers,” Videau said. “In 2025, we were on track to reach nearly 20 million euros and almost 2,000 passengers.” He also cited a rise in demand for Antarctica, saying it was up 17 percent.

Videau said Exploris had been working on a hybrid model that combined traditional cruise operations with long-term charters to provide a more predictable cash-flow base. “Strategically, the tactic was to operate the ship for slightly more than half the year through chartering,” he said, adding that the aim was to reassure lenders while the company worked on pricing and profitability.

Charters that were meant to anchor 2026 plans

Videau said Exploris had signed multi-year charter agreements with tour operators based in the United States and Canada that would have placed Exploris One under charter for around 160 days in 2026, reducing the number of departures the company needed to sell directly.

“But everything fell apart because of the Canadians,” Videau said, adding that the charter agreement was cancelled in early September. He said the loss of the secured income was particularly damaging because the funds were intended to support scheduled maintenance in the Canary Islands ahead of an Antarctica season he described as promising.

Investor talks, a German partnership discussion, and a two-week squeeze

Videau said Exploris spoke with potential investors during the administration process but could not close financing quickly enough. The company had been seeking a 4 million-euro investment to keep operating, he said, but the discussions required more time than the court schedule allowed.

“That’s why we asked the court to extend the observation period, which was unfortunately denied,” Videau said. He also pointed to administrative timing issues, adding that “the actual time we had to find a solution was only about two weeks.”

Exploris also explored a partnership with a German ship manager, including a potential structure in which the partner would acquire the ship and take a stake in the company, Videau said. He added that discussions progressed, but the potential partner withdrew in early summer.

Customer assistance and the company’s final message

Exploris said liquidation meant future cruises aboard Exploris One would not operate, and it acknowledged the effects on guests and partners. “We are fully aware of the consequences this decision may have for our clients and those of our partners,” the company said, offering “our sincerest apologies for the inconvenience it will cause.”

The company said its teams would remain available to help with administrative steps until its offices close. “We are deeply sorry that we cannot honor our commitments,” the statement said.

In a separate message, Exploris thanked clients and partners, adding: “Beyond the economic aspect, Exploris was above all a human adventure.”

Charter fallout and the broader expedition-market backdrop

The liquidation follows the breakdown of charter activity that Exploris had positioned as central to its recovery plan. Adventure Canada had previously announced plans to run summer expeditions aboard Exploris One, but later cancelled its charter contract with Exploris.

Exploris’ collapse also comes as competitors continue to update capacity in the expedition segment. Adventure Canada is pivoting to newer and more efficient ships, including Ocean Victory, which will debut in 2026, and Ocean Nova.

Frequently Asked Questions (FAQs)

Why did Exploris Expeditions & Cruises enter liquidation?

Philippe Videau said the company’s finances were destabilized after a charter contract was cancelled in early September 2025, cutting off secured income that was intended to help fund maintenance and support the upcoming season. He also said Exploris could not finalize a 4 million-euro investment, and that partnership talks with a German ship manager did not result in a deal within the court’s timeline. The company entered receivership in early October, and the court ordered liquidation on Oct. 29, 2025.

Are any Exploris sailings still operating, and what about booked guests?

No. Future cruises have been cancelled, and the company is set to definitively cease operations on Nov. 7, 2025. Exploris said its teams would remain available to help with administrative steps until its offices close, and apologized to clients and partners for the disruption.

What will happen to Exploris One?

Exploris One is expected to be sold as part of the liquidation process. The ship has been repositioning from Las Palmas de Gran Canaria to Caen, France, with an AIS-estimated arrival of Nov. 16, 2025, as the company’s assets are handled under liquidation.

Will Exploris staff be affected?

Yes. The company is closing its administrative offices in France, and nearly 40 shore-based employees are expected to depart as the shutdown proceeds.