Norwegian ocean bottom node (OBN) seismic company Axxis Geo Solutions (AGS) has signed the contract for the 3D OBN seismic acquisition survey in the Middle East following the securing of a letter of intent for the project in September.
The work is expected to commence in early January 2020 and will continue through most of the first quarter 2020.
"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.
"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," it said in a press note.
AGS provides the largest nodal fleet in the industry and offer innovative proprietary technologies and methodologies for our clients searching for new opportunities in oil and gas.