Monday 8 June 2020

PGS implements further cost reductions to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, re-organization, consolidation of offices, re-negotiation of service agreements and other cost measures.

PGS has earlier announced stacking of three out of the eight 3D vessels operated at the start of the year, and several other cost measures. The Company will now take steps to address the lower market activity by further streamlining its organization and reducing office-based personnel by approximately 40%, including reductions already implemented.

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