Axxis Geo Solutions swings to profit

Ocean bottom node seismic player Axxis Geo Solutions has returned to profit as revenues hiked close to 83 per cent.

AGR recorded Q1 2020 profit of $7 million, bouncing back from loss of some $4 million same time last year.

The Oslo-listed firm generated quarterly revenue of $45 million, versus approximately $25 million in the prior-year comparable period.

The revenue boost in Q1 2020 relates to contract work in Brazil and Middle East.

AGS entered into Brazilian OBN market in August last year, with a $4 million contract with SAExploration.

The source vessel Neptune Naiad completed the project in Brazil and transited back to Europe for scheduled maintenance.

Lee Parker, CEO of Axxis Geo Solutions, said:

“We have seen projects being delayed rather than cancelled, and we believe we are well positioned for growth as the market returns.

“Due to strong operational performance by our dedicated crews despite a difficult environment, we report our highest revenue quarter with strong margins.

“We look forward to navigate through the remainder of 2020 and to position ourselves to take advantage of the market in 2021.”

Also, AGS has recently firmed up its contract with Equinor for OBN survey in the North Sea.

The survey should commence later in the second quarter of 2020.

The scope of work will include acquisition of 67 square kilometres of receiver area.