Axxis Geo Solutions (AGS) has signed the contract for the 3D ocean bottom node (OBN) seismic acquisition survey in the Middle East, following a Letter of Intent issued earlier this year.
“ This contract will secure activity for the company and contribute with revenues through most of the winter season.
“In addition, this contract is a sign of seismic activity re-emerging in the region through advanced OBN seismic and imaging technology with potential demand for OBN seismic in years to come.
“With AGS’ track record of safe and efficient operations and a scalable business model, we believe we are well positioned for future contracts in the region, ” said CEO Lee Parker .
The work is expected to start in early January 2020 and will continue through most of the first quarter 2020.
As a consequence of the delayed contract award and the start of the work, the company is considering various options to strengthen its working capital position.