Verified answer

whilst ahogo can be part of the verb ahogar (to drown, to choke), as a noun it can mean breathlessness

so could this mean "to say goodbye to breathlessness" ?

In what context did you see it ?

In the RAE (Real Academia Española) the word "ahogo" have a lof of definitions and one means "deprisa" idea of hurry.

Maybe means a hurry goodbye (despedida apresurada).

The idea of drown is.... stupid, sorry for the word :)