Offshore staff
TRONDHEIM, Norway – Electromagnetic Geoservices (EMGS) says its backlog of seismic acquisition/processing projects has fallen steeply following recent global events.
The board has responded by initiating a transition to a low-cost set-up in order to preserve sufficient liquidity until oil company investments start to recover. Actions will include re-delivering the Petrel Explorer vessel at the end of its current fixed charter period, and cold stacking the Atlantic Guardian as soon as practicable.
Terminate employment of all personnel and consultants except for a skeleton crew that will continue to service multi-client sales and form the basis for a future scale-up.
EMGS added it would continue to deliver all its existing customer contracts as planned.
03/27/2020
