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Axxis Geo Solutions signs Middle East OBN contract

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Oilfield Technology,

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

"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 commence in early January 2020 and will continue through most of 1Q20.

As a consequence of the delayed contract award and the commencement of the work, and as set out in the release from 17 December 2019, the company is considering various options to strengthen its working capital position.

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