Monday 3 August 2020

Due to COVID-19, their exists significant uncertainty around the OBN market in H2-2020. In line with the company’s asset-light and cost-flexible business model, Axxis Geo Solutions (AGS) will transition to a reduced operational mode following its current surveys in the North Sea and Egypt. AGS will enact a “smart stack” model which will significantly limit run-rate expenses until the market rebounds but will still allow for quick mobilization to new projects.