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Axxis Geo Solutions receives cancellation of North Sea contract

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Oilfield Technology,

Axxis Geo Solutions ASA (AGS) has received a cancellation on a small contract in the North Sea which was expected to be conducted in 2Q20.

No specific announcement has previously been issued regarding this contract, but the contract was communicated as firm in the company's 4Q19 presentation.

The contract revenue was estimated at US$1 million, and AGS will receive a cancelation fee of 25% of the estimated revenue amount.

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