AGS Gets Middle East Contract Extension

Axxis Geo Solutions (AGS) has secured contract extension for the 3D ocean bottom node (OBN) seismic acquisition survey in the Middle East.

AGS announced the initial contract award in December 2019.

The additional work is estimated to be totaling seven vessel months and will continue into the second quarter of 2020.

“This extension adds profitability and cash flow to the overall project, whilst offering our client a cost-effective addition to their venture. We also register that AGS’ track record of safe and efficient operations continue to position us for future contract wins,” said CEO Lee Parker.

“The added work, together with recently announced LoI for a North Sea contract, will be helpful in the ongoing process of strengthening the company’s working capital,” added Parker.