OBN survey specialist Axxis Geo Solutions (AGS) is reducing the size of the organisation after its current surveys in the North Sea and Egypt have completed.
OBN survey specialist Axxis Geo Solutions (AGS) is reducing the size of the organisation after its current surveys in the North Sea and Egypt have completed.
AGS will put in place a ‘smart stack’ model which will significantly limit expenses until the market rebounds but will still allow for quick mobilization to new projects.
Vessels, nodes and other key equipment will be maintained in a state of readiness. AGS has agreed with key partners to allow for vessels and equipment to be ready and available for quick mobilization at minimal cash cost
Meanwhile, staffing will be reduced by 20%. The company expects to cut running costs to less than $800,000 per month in smart-stack mode.
Should further work not materialise prior to the end of Q3, AGS will further reduce its running costs to less than $400,000 per month.
