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Axxis Geo Solutions receives extension to Middle East OBN contract

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Oilfield Technology,

Axxis Geo Solutions has announced an extension to the MIddle East 3D ocean bottom node (OBN) seismic acquisition contract that it was originally awarded in December 2019. The additional work is estimated to be totalling 7 vessel months and will continue into 2Q20.

"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.

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